New Delhi: Maintaining a positive trend, India’s apparel exports registered a modest year-on-year growth of 1.5% to $728 million in October, 2010, even though demand from western markets remained lacklustre.
India’s garment exports stood at $717 million in the same period last year, according to Apparel Export Promotion Council (AEPC) data.
“The trend was negative in the first few months of this fiscal. Although the rate of decline has reduced now, demand is yet to pick up from European and the US markets,” AEPC chairman Premal Udani said.
The US and EU together account for about 80% of the country’s total apparel exports.
India’s apparel exports were on the decline till July this fiscal. However, they have exhibited positive growth since August.
However, cumulative exports during the April-October period amounted to just $5.7 billion, about 6% lower in comparison to the corresponding period last year.
The apparel industry provides employment to about 7 million people in the country, out of which almost half are engaged in the export sector.
The textiles ministry has set a $12 billion apparel export target for the current fiscal.