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India’s apparel exports are likely to end the 2011-12 fiscal with 14 per cent growth, at about $13 billion, despite the economic slowdown facing the Western markets, especially the US and Europe.
In 2010-11, garment exports stood at $11.4 billion, according to the data provided by the Apparel Export Promotion Council (AEPC).
“The exporters have started diversifying to new markets like Japan, Israel, Russia, South Africa and Latin America to reduce dependence on the US and European nations,” the AEPC Chairman, Mr A. Sakthivel, said.
The US and Europe together account for about 65 per cent of India’s total garment exports.
During April-December 2011-12, garment exports grew 25 per cent to $9.7 billion compared with $7.7 billion in the same period last fiscal.
The garment industry employs about 70 lakh people, of which almost half are engaged in the export sector.
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