India’s apparel imports have increased by 33.87 per cent in the first two-month period of 2022, mainly because of increased sourcing from Bangladesh and China.
As per official data released by Ministry of Commerce and Industry, India imported US $ 219.23 million worth of garments during Jan.-Feb. ’22 period, as compared with US $ 163.78 million in the same period of previous year.
Of total imports, knitted garments valued US $ 106.98 million and surged by 38.31 per cent, where the woven garments accounted for US $ 112.28 million, noting 29.91 per cent Y-o-Y growth.
As analysed further by Apparel Resources, the import values from its topmost preferred destination Bangladesh amounted to US $ 89.56 million, growing by 32.15 per cent yearly in Jan.-Feb. ’22 period.
What’s noteworthy is China’s share! Till 2021 end, China could ship just US $ 279.18 million worth of garments to India, declining by 7.48 per cent on yearly basis but the country has started 2022 on a positive note.
India’s apparel import from China grew by 23 per cent in Jan.-Feb. ’22 period to US $ 85.67 million.
As Indian apparel retail industry is projected to amount US $ 88 billion by 2022 end, the imports are expected to grow in the subsequent months.
