Readymade garment exports from India (knitwear and woven) between April 1, 2016, and February 28, 2017, grew 3.5 per cent in rupee terms and 0.58 per cent in dollar terms when compared to the same period during the 2015-16 fiscal. Growth was negative in terms of the dollar during the first three quarters of the current fiscal till December 31.
In the case of exports from Tirupur knitwear cluster, garments worth Rs 23,253 crores were exported between April 1 and February 28 this fiscal after exports stood at just around Rs 16,600 crores till December 31. Now, with the sudden surge in exports, the cluster is hopeful of meeting the target of Rs 25,000 crores comfortably by March 31.
If not for the slowdown subsequent to Britain’s decision to exit the European Union, and a few other factors, the cluster could have reached an annual turnover of Rs 28,000 crores. Of the total exports till February end, knitwear alone contributed Rs 50,550.87 crores.
Exporters also feel the time is right for knitwear sector to capture the market that’s leaving China, due to an increase in cost of manufacturing. If the opportunity is missed, the market would be captured by competing countries like Bangladesh, Vietnam, Indonesia and Cambodia.