Ready Made Garment Exports Surge by 12% in August Despite Global Challenges

ENA Sectors 2024-09-20 16:41:34 New Delhi, Sep 20 (KNN) The country's ready-made garment (RMG) exports saw a robust growth of 12% in August 2024, reaching USD 1.26 billion, according to data from the Commerce Ministry. This notable rise comes despite significant global headwinds, including high logistic costs and persistent geopolitical crises, such as the ongoing Red Sea disruptions. The cumulative RMG exports for the April-August period of the 2024-25 fiscal year grew by 7.12%, totalling USD 6.39 billion. Sudhir Sekhri, Chairman of the Apparel Export Promotion Council (AEPC), noted that the industry has maintained its growth trajectory despite external pressures. Growing at an average of 7.12% over the last five months, RMG exports have bucked the trend of declining merchandise exports, which hit a 13-month low in August, Sekhri stated. He further emphasized the importance of focusing on product quality and adhering to environmental and social compliance standards, which he believes will position the industry for future expansion. With global garment sourcing realigning itself, we are ready to play a significant role. Long-term policy support for export schemes will provide stability and further boost the countrys garment exports, Sekhri added. The AEPC has submitted several proposals to the government, seeking more flexibility in fabric imports, the launch of Production Linked Incentive (PLI) 2.0 for capacity expansion, and a five-year extension of the interest equalization scheme, with a proposed increase to 5% for all exporters. Mithileshwar Thakur, Secretary General of AEPC, highlighted the positive momentum in RMG exports. Recent months have seen a promising trend, with free trade agreement (FTA) partners like Japan and Korea yielding fruitful results. Exports to markets such as Japan, Korea, Australia, Mauritius, and Norway have also grown in the first quarter of this fiscal year, Thakur remarked. As the global garment industry undergoes realignment, the countrys RMG sector appears poised to capitalize on emerging opportunities, driven by strategic policy support and an unwavering focus on quality and compliance. (KNN Bureau) 39352 https://knnindia.co.in/news/newsdetails/sectors/ready-made-garment-exports-surge-by-12-in-august-despite-global-challenges 2024-09-20 16:41:34 knnindia.co.in Ready Made Garment Exports Surge by 12% in August Despite Global Challenges