Tirupur sees growth in its garment exports by 16.3% in FY16

Tirupur, the main hub for knitwear in the country witnessed growth in its garment exports by 16.3 percent to Rs23,050 crore in fiscal year 2016. It contributes nearly 90% of total cotton knitwear exported from the country.

A Sakthivel, President of Tirupur exporters association opined that exports from Tirupur would sustain growth in the current fiscal too following good demand from EU and this can be doubled if the Free Trade agreement (FTA) is finalized.

They have seen growth in Europe and getting new buyers. Exports can jump to Rs.50,000 crore if the FTA with EU is in place.

Last year, Tirupur’s garment exports was worth Rs.20,730 crore. Garment manufacturers of Tirupur are now looking forward to further enhance their business.

Last month, the World Bank shared a release which said China, the largest apparel manufacturer for last 10 years, has been seen slowly relinquishing its lead position in the global apparel market, thereby opening the doors to other competitors across the globe.

This could also open up a huge opportunity for India and other South Asian nations. A 10% growth in Chinese apparel prices could create at least 1.2 million new jobs in the Indian apparel industry.

The total share of China’s textile exports fell from nearly 15% to 7% last year while, India’s total apparel exports were $7.78 billion in 2015, and its top five markets were the US, UAE, the UK, Germany, and France.