Apparel exports likely to achieve target of $17 bn: AEPC

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SME Times News Bureau | 12 Nov, 2013
Welcoming the exports growth of 13.47 percent for the month of October, Chairman Apparel Export Promotion Council (AEPC), Dr. A Sakthivel Monday said that apparel exports can achieve the set export target of USD 17 billion in current fiscal.

"With the current growth of rate we can achieve the apparel export target of USD 17 billion set by the Government. We welcome the current growth of rate in overall exports," said Sakthivel in a press statement.

"We are registering the growth of almost 13 percent from more than six months in apparel exports," he added.

Chairman AEPC said, "We are an employment critical sector and 80 percent of garment Industry being SME's the industry is facing the high cost of finance, increasing the repo rate increase the lending interest rate."

AEPC has already requested for separate chapter for pre/ post packing credit rate of 7.5 percent. RBI should consider this once again so that momentum of garment export growth is not lost.

Speaking on the export growth Dr. A Sakthivel stated that, "With the stabilization of rupee and structural changes in the competing markets India's garment exports has significantly improved, our performance is reflected in the stronger order book visibility for this season."

"Apparel exports have also grown because of tapping of new markets like Middle East, Latin America, Japan, Russia and Australia and our effort to leverage exports by export promotion events across the world. In recent months large international buyers have diverted orders to India. The big brands and international chain stores like GAP, Zara, Mango, Elcorte, Desigual, Tommy Hilfiger, Walmart, H & M, JC Penny, Target, etc are sourcing garments from India."

"We have good design and raw material strengths and our business is based on exceptional customer service, respect and integrity in the pursuit of mutually profitable outcome," he added.

Commerce Secretary Monday released trade data for the month of October 2013. India's exports jumped by 13.47 percent to USD 27.27 billion in October, while imports dropped by 14.5 percent, government data showed.

According to data released by the commerce and industry ministry in the national capital, the value of merchandise exports in October was USD 27.27 billion, as compared to USD 24.03 billion recorded in the same month last year, registering an year-on-year growth of 13.47 percent.

Imports fell by 14.50 percent to USD 37.82 billion during the month under review as compared to USD 44.24 billion recorded in the corresponding month of last year.

This has left trade deficit of USD 10.55 billion in October. Trade deficit had narrowed to USD 6.76 billion in September.