India’s garment export growth rate surpasses China’s

“The Times of India” reported on January 30, 2015 that after the price of cotton yarn fell, some large overseas buyers hoped to lower the price of ready-made garments. Against this background, India’s ready-made garment exports have new highlights.
In 2014, the growth rate of India’s garment exports exceeded the growth rate of batch exports of garments from mainland China, although this growth rate was based on a smaller export base. United Nations merchandise trade statistics show that from January to October 2014, India’s garment exports grew by 14.6%, reaching US$14 billion. During the same period, mainland China’s garment exports grew at a growth rate of 6.5%, with a value of US$145 billion, 10 times that of India’s garment exports.
The news comes as a relief to Indian garment exporters. Previously, due to the sharp decline in the price of cotton, which accounts for a large proportion of the cost of garments, overseas buyers have asked exporters to reduce costs by 6%-8% in order to obtain higher profits from garment sales.
The strong growth in recent months has given garment exporters the confidence to push export growth to 20%. Virendra Uppur, chairman of the Indian Garment Export Promotion Association, said, “According to this forecast, our garment exports are expected to achieve the ambitious export target of US$37.3 billion in 2018-19. In this fiscal year (April-December 2014) ), India’s ready-made garment exports have maintained a growth rate of 15%. Such rapid growth is a clear sign that India is becoming one of the preferred procurement and distribution destinations for buyers from all over the world.”