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Apparel Exports Achieve Record 35% Growth in October 2024
14th November 2024, New Delhi/Gurugram: The Apparel Export Promotion Council (AEPC) announced a remarkable 35.1% year-on-year growth in ready-made garment (RMG) exports for October 2024, despite global economic challenges and ongoing geopolitical disruptions.
Shri Sudhir Sekhri, Chairman AEPC, attributed this milestone to the industry’s unwavering focus on quality, sustainability, and innovation. “India’s RMG exports have demonstrated resilience amidst tough global conditions. Leveraging India’s raw material strengths, we are producing both traditional and modern designs with a strong emphasis on affordability and sustainability. This has significantly enhanced our appeal to international buyers, driving this impressive growth,” he stated.
Chairman Sekhri also highlighted the industry’s performance in Free Trade Agreement (FTA) markets, including South Korea, Japan, Australia, and Mauritius.
Key Highlights:
October 2024 Performance:
35.1% growth compared to October 2023.
24.1% growth compared to October 2022.
Cumulative RMG Exports (April-October 2024-25):
USD 8,732.6 million, reflecting an 11.6% increase over April-October 2023-24 but a 4.7% decline compared to April-October 2022-23.
Looking ahead, Bharat Tex 2025, India’s largest textile fair, will serve as a platform to showcase the country’s manufacturing potential and attract global buyers. “Our roadshows and roundtables have generated significant interest, and international brands are eager to source from India,” Shri Sekhri added.
Shri Mithileshwar Thakur, Secretary General, AEPC, emphasized the need for robust government support for the labor-intensive MSME sector. “The realignment of supply chains due to the Bangladesh crisis and disruptions in traditional trade routes presents a golden opportunity for India to become the preferred sourcing destination. To capitalize on this, we need sustained financial support, capacity building, and skilling initiatives. We’ve also urged the government to enhance the interest equalization rate to 5% for five years to address the high cost of capital,” he noted.
With a clear vision and strong momentum, India’s RMG sector is rapidly emerging as a global sourcing hub for international buyers and major brands.
