India has finished FY ’22 with an increase of 30.37 per cent in its RMG export figures, as per the official data released by Ministry of Commerce & Industry.
The country clocked US $ 16.02 billion revenues from its apparel exports during the fiscal that ended on 31March 2022, as compared with US $ 12.29 billion earned during FY ’21.
Of total export values, knitwear constituted US $ 8.17 billion (up 28.75 per cent), while woven apparels clocked US $ 7.85 billion export revenues, noting 32.10 per cent Y-o-Y surge.
Revival in global apparel retail market buoyed by strong consumers’ sentiments is one of the reasons that can be attributed to the remarkable growth of India’s apparel export industry in FY ’22.
The top apparel export destination remained USA that imported US $ 5.34 billion worth of apparels from India, noting 62.26 per cent Y-o-Y growth.
It’s worth noting here that India managed to cross US $ 5 billion export revenues in the US market for the first time ever in a fiscal year!
UAE was the second top apparel exporter destination for India where exporters shipped US $ 1.82 billion worth of apparels during FY ’22, registering 13.39 per cent Y-o-Y increase.
India’s third top export destination UK imported US $ 1.39 billion worth of apparels from the country, increasing significantly by 30 per cent on Y-o-Y basis in FY ’22.
Not just FY ’22, India continued its growth momentum even in FY ’23 beginning as the country shipped US $ 1.57 billion worth of garments (as per quick estimates from the Government) in April ’22, growing by around 21.44 per cent as compared to April ’21.
