India’s textile exports achieve $13.5bn target

India is looking forward to achieve an export

target of $38 billion (about Rs 200,000 crores) this fiscal. This is 12 per cent higher than the previous year. Meanwhile it was able to close the fiscal at $13.5 billion (Rs 70,000 crores) in textile exports compared to $11 billion (over Rs 55,000 crores) in 2010-11. This despite a slowdown in western markets, exporters had looked at newer destinations like South Africa and Latin America to cater the growing demand from these areas.

A Sakthivel, Chairman of Apparel Export Promotion Council (AEPC) said, “Rupee depreciation has bailed out Indian apparel exporters who were unsure of growth following weak consumer sentiment. The final figures are not yet in, but India expects to close the fiscal at $13.5 billion against $11 billion in 2010-11 in apparel exports.”

“Indian exporters also entered new destinations such as Latin America, southern and western Africa, Japan, Russia, Israel and Australia during the year. Also, government’s support through Focus Market Scheme and Market Linked Focus Product Schemes and the various FTAs have given apparel exporters market access especially in Japan,” Sakthivel added. Newer markets brought in 10 per cent of business for the industry.
The US and European markets account for over 50 per cent of the country’s exports and facing economic slowdown. Textiles export was about $34 billion (about Rs 180,000 crores) in 2011-12, as against $26.8 billion (Rs 140,000 crores) in 2010-11. India’s textiles export performance has continued to lag its global competitors in the last few years. It has a meagre 4.3 per cent share of the world market, compared to China’s 28.3 per cent.