The ready-made clothing industry has benefited from free trade agreements (FTAs). In the first 11 months of the most recent fiscal year, exports to Australia increased 5.7 per cent year over year, while shipments to Mauritius increased 16.8 per cent despite a decline in total exports.
“The advantages from FTAs are now visible. The signing of FTA in the near future with the UK, which accounts for roughly 8 per cent of Indian apparel exports, will provide a much-needed fillip to the garment industry,” Sudhir Sekhri, chairman of Apparel Export Promotion Council (AEPC), said.
Between April and February, garment exports to Australia totaled US $ 299.4 million, and those to Mauritius came to US $ 35.2 million. Throughout the same time frame, US $ 1.14 billion worth of exports went to the UK. With US $ 4.2 billion, the US continued to be the largest buyer.
All textile exports, including ready-made clothing, decreased by 0.25 per cent to US $ 14.5 billion in 2023–2024. However, in order to exploit the full potential of the ready-made clothing industry and reach US $ 40 billion in exports by 2030, AEPC is developing a growth strategy.
