Garment exports to non-traditional markets up by 16% in FY12
NEW DELHI: India's garment exports to non- traditional markets like Latin America and Africa grew by about 16 per cent to $ 3.15 billion in 2011-12, Apparel Export Promotion Council (AEPC) said today.
After the demand slowdown in the country's traditional markets - the US and Europe, exporters started exploring new buyers in Latin America, Africa and Middle East countries.
"The market diversification has yielded positive results. Garment exports have increased from $ 2.7 billion in 2009-10 to $ 3.15 billion in 2011-12," AEPC Chairman A Sakthivel said in a statement.
He said fairs like Tex Trends India, which concluded today, would help Indian exporters to find more buyers.
Over 400 exhibitors participated in the fair. "The Tex Trends 2012 will surely offer opportunity for this. We are vigorously pursuing export promotion events in these non-traditional markets like Japan, Malaysia, Australia, Uruguay, Brazil, Mexico, Russia, South Africa and Israel," he said.
Talking about the three day fair, Sudhir Sekhri, Chairman (Exports Promotion) AEPC said that in-spite of the sluggishness in the US and European markets, Tex Trends India has received a tremendous response, both in terms of footfall of buyers and orders booked.
"This fair was visited by 1194 buyers and 890 buying agents. Confirmed orders and those under negotiation are to the tune of $ 282 million as per provisional data available," Sekhri said.
Recently, the government had announced several incentives to explore new markets under Focus Market Scheme.
Source : economictimes.indiatimes.com