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India : US outsourcing accelerates - garment exports in Jan-Oct 2004 moves up 14.5% |
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2004-11-22
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Garment exports to US in anticipation of the textile quotas expiry have recorded a rise of 14 percent during the year till October, this year.
At 1,086 million pieces, garment exports stood at $4,482.4 million (Rs 20,374.4 crore) which represents a rise of 7.9% in terms of quantity.
Exports to the US alone during the same period stood at 384.7 million pieces valued at $1,930.1 million (Rs 8,778.2 crore) as per Confederation of Indian Apparel Exporters (CMIE). This is an increase of 16.5% in terms of quantity and 13.5% in US dollar terms as compared to last yeari.e. January-October 2003.
Showing optimism, CIAE president Amit Goyal said that India should sustain a growth rate of 15%-20%.
With ready availability of raw material (cotton), cheap labour and innovative marketing skills of the Indian exporters will help India reach achieve that growth, Goyal stated.
Leading international brands like Marks & Spencer, Gap, Tommy Helfiger and retailers like Wal-Mart, Kmart etc. have already set their eyes on India as a strategic outsourcing country from India as they find products satisfying their stringent quality and price terms , he added.
EU exports during the period under review amounted to 655.5 million pieces valued at $2,403.3 million (Rs 10,918.41 crore). Last year, there has been an increase of 4.8% in terms of quantity and 17.1% in the terms of value (US$) for the same period.
Garment exports to restricted countries in October 2004 have been 94.3 million pieces valued at $380.9 million (Rs 1,734.9 crore). In October last year, it was 67.3 million pieces valued at $257.5 million (Rs 1,165.4 crore), which is an increase of 40.1% in terms of quantity and 47.9% in terms of value, compared to October 2003. Exports to the US in October ’04 as compared to same month last year showed an increase of 66.2% in terms of quantity and 59.3% in terms of value (US$). Garment exports to EU in October ’04 have increased by 31.5% in terms of quantity and 43.5% has been registered in terms of value, compared to the same month of last year.
At an its annual awards function of CMIE to be held on December 3, 2004, in Mumbai industry leaders Gokaldas, Eastman and Alok Textiles will be honoured for their achievements. |
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