Tiruppur is looking at 20% growth in garment exports this financial year, said A. Sakthivel, chairman of the India Knit Fair Association.

He told reporters in Tiruppur on Friday that garment exports from Tiruppur last fiscal was ₹33,500 crore and this year, it was expected to be ₹38,000 crore. The Ukraine and Israel wars had not impacted exports. The last four months saw growth in garment exports and this trend would continue. Further, the garment manufacturers were now sourcing yarn from different parts of the country, he added.

The recent developments in Bangladesh had not brought orders to Tiruppur. Buyers had 10% cost advantage when they sourced from Bangladesh because it had duty-free access in various countries. When India would sign free trade agreement with the UK and EU, it would also have cost advantage and that would boost exports, he said.

The Indian government should take measures to control import of garments from Bangladesh as the domestic market was affected because of the imports.

Mr. Sakthivel added that Tiruppur garment exporters were prepared to meet the ESG requirements of the European buyers in the coming years.

According to KM Subramanian, president of Tiruppur Exporters’ Association, the average increase in exports in the last three months is 10%. Almost 90% of the exporters have benefitted from the hike in demand, he said.

Published on: 1st September 2024

Source: The Hindu