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Apparel exports grew meagrely by 1.5 per cent to $ 1.28 billion in February 2012 due to lower demand from European markets, the Apparel Export Promotion Council (AEPC) said on Wednesday.
“The economic situation is really bad in European markets which has resulted into a decline in demand for garments exports,” Federation of Indian Export Organisations (FIEO) Director General, Mr Ajay Sahai, said.
He, however, said the demand is picking up in the American market.
The US and Europe together account for about 80 per cent of the country’s total apparel exports.
During April—February 2011—12, garment exports grew by about 19 per cent year—on—year to $ 12.1 billion.
To reduce the dependence on traditional markets like the US and Europe, apparel exporters are exploring new markets in Japan, West Asia, Africa and Australia.
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