Tiruppur’s Knitwear Exports Surge Despite Global Challenges, Exceed Rs 30,000 Cr In FY24

ENA Sectors 2025-01-20 15:05:58 Tiruppur, Jan 20 (KNN) Tiruppur's textile industry is experiencing a significant revival, driven by growing international demand for knitwear garments. The sector, which faced successive challenges from demonetisation, GST implementation, and the Covid-19 pandemic, has demonstrated remarkable resilience, with exports reaching Rs 34,350 crore in the 2022-23 financial year, despite temporary setbacks from global events including the Russia-Ukraine conflict and economic slowdowns in Western markets. Kumar Duraisamy, joint secretary of the Tiruppur Exporters' Association, reports that exports have already exceeded Rs 30,000 crore by December of the current financial year, with monthly growth rates of 15-18 percent compared to the previous year. This surge is attributed to shifting global trade dynamics, including changes in US-China trade relations and unrest in Bangladesh, which have created new opportunities for Indian exporters. The industry's prospects appear increasingly promising as Bangladesh's free trade agreement with the European Union approaches its 2027 expiration date. This development, coupled with India's advancing FTA negotiations with the UK, has prompted major international buyers to redirect their attention to Indian manufacturers, potentially benefiting enterprises of all sizes. A. Sakthivel, vice-chairman of the Apparel Export Promotion Council, highlights the broader success of India's readymade garment sector, noting a 15.2 percent growth in December 2024 compared to the previous year. The April-December 2024 period saw total exports of Rs 94,936 crore, marking a 13.2 percent increase year-over-year. Industry projections suggest Tiruppur's exports could exceed Rs 40,000 crore in the current fiscal year. However, industry leaders emphasise the need for additional government support to maximise these opportunities. M.P. Muthurathinam, president of the Tiruppur Exporters and Manufacturers Association, advocates for specific policy measures including the elimination of cotton import taxes, expansion of free trade agreements, and reduced bank interest rates to enhance competitiveness. Currently, India holds the sixth position in global garment exports with a 3.9 percent market share, significantly behind Bangladesh's 12 percent and China's dominant 36 percent. Industry stakeholders are optimistic that supportive measures in the upcoming budget could help India's apparel sector achieve unprecedented growth and expand its global market presence. (KNN Bureau) 40714 https://knnindia.co.in/news/newsdetails/sectors/tiruppurs-knitwear-exports-surge-despite-global-challenges-exceed-rs-30000-cr-in-fy24 2025-01-20 15:05:58 knnindia.co.in Tiruppur’s Knitwear Exports Surge Despite Global Challenges, Exceed Rs 30,000 Cr In FY24