Wait...
  1. Home >
  2. Export Import News >
  3. Export Benefits >
  4. Tirupur garment exports grow 8% in FY19 to Rs 26k crore >
  5. Tirupur garment exports grow 8% in FY19 to Rs 26k crore

Online Export Import Data Search

Complete Training Video : Click Here

Tirupur garment exports grow 8% in FY19 to Rs 26k crore.


Date: 18-04-2019
Subject: Tirupur garment exports grow 8% in FY19 to Rs 26k crore
Tirupur Exporters’ Association (TEA), India’s leading readymade/ knitwear cluster, has reported a 8.3% growth in its exports at Rs 26,000 crore in fiscal 2019 compared to Rs 24,000 crore in the previous fiscal. The association has also registered a domestic sale of `24,000 crore, taking its total businesses during the fiscal to Rs 50,000 crore, said Raja M Shanmugham, president, TEA.

Speaking to FE, Shanmugham said: “We have seen a tremendous pick-up in our exports in the last six months of fiscal 2019 after a sluggish growth in the first half. Though the annual average export growth of 7% was recorded in the last fiscal, while analysing the exports trend in the last six months, the average export growth was significant about 31.15% over the corresponding period in 2017-18, which we see as a positive sign and most encouraging.”

“For the past two years, we were struggling due to various reasons, including demonetisation, implementation of GST and overall volatile global economy.

However, the Tirupur cluster regained the lost momentum and able to post a better-than-expected growth in the fiscal 2019 as most of the major issues have settled now and the member-companies of this region are back to growth trajectory,” Shanmugham said.

At the national level, readymade garment exports recorded a growth of 4.7% to `1,12,715 crore in fiscal 2018-19 against `1,07,679 crore achieved in the previous fiscal, he added.

“While appreciating Tirupur exporters’ usual perseverance against all odds, we are confident that with the continuance of positive growth trend coupled with the recent increase in RoSCTL rate and formation of stable government, Tirupur exports are poised to surpass `30,000-crore reach, both in exports as well as domestic sales in the current financial year (2019-20), taking the overall business of the cluster to `60,000 crore,” Shanmugham said.

In response to a query, he said: “We are now confident that the Tirupur cluster will achieve its ambitious business target of `100,000 crore (both exports and domestic sales) by fiscal 2022.”

According to him, factors like changing design pattern across the globe, changing lifestyle both in India and abroad, availability of cotton, skilled workforce, fashion-oriented world, more per capita spending on garments and China’s non-aggressive push are among a host of things that will benefit India in general and Tirupur exporters in particular. “We are seeing encouraging prospects in the years to come,” he said.

Kids and women garments continue to drive the exports. Together, this segment garners 70% of total businesses while the rest comes from menswear, Shanmugham said, adding that traditional markets such as the US, Europe, Africa and Latin America continue to be the major export destinations.

Tirupur Exporters’ Association (TEA), India’s leading readymade/ knitwear cluster, has reported a 8.3% growth in its exports at Rs 26,000 crore in fiscal 2019 compared to Rs 24,000 crore in the previous fiscal. The association has also registered a domestic sale of `24,000 crore, taking its total businesses during the fiscal to Rs 50,000 crore, said Raja M Shanmugham, president, TEA.

Speaking to FE, Shanmugham said: “We have seen a tremendous pick-up in our exports in the last six months of fiscal 2019 after a sluggish growth in the first half. Though the annual average export growth of 7% was recorded in the last fiscal, while analysing the exports trend in the last six months, the average export growth was significant about 31.15% over the corresponding period in 2017-18, which we see as a positive sign and most encouraging.”

“For the past two years, we were struggling due to various reasons, including demonetisation, implementation of GST and overall volatile global economy.

However, the Tirupur cluster regained the lost momentum and able to post a better-than-expected growth in the fiscal 2019 as most of the major issues have settled now and the member-companies of this region are back to growth trajectory,” Shanmugham said.

At the national level, readymade garment exports recorded a growth of 4.7% to `1,12,715 crore in fiscal 2018-19 against `1,07,679 crore achieved in the previous fiscal, he added.

“While appreciating Tirupur exporters’ usual perseverance against all odds, we are confident that with the continuance of positive growth trend coupled with the recent increase in RoSCTL rate and formation of stable government, Tirupur exports are poised to surpass `30,000-crore reach, both in exports as well as domestic sales in the current financial year (2019-20), taking the overall business of the cluster to `60,000 crore,” Shanmugham said.

In response to a query, he said: “We are now confident that the Tirupur cluster will achieve its ambitious business target of `100,000 crore (both exports and domestic sales) by fiscal 2022.”

According to him, factors like changing design pattern across the globe, changing lifestyle both in India and abroad, availability of cotton, skilled workforce, fashion-oriented world, more per capita spending on garments and China’s non-aggressive push are among a host of things that will benefit India in general and Tirupur exporters in particular. “We are seeing encouraging prospects in the years to come,” he said.

Kids and women garments continue to drive the exports. Together, this segment garners 70% of total businesses while the rest comes from menswear, Shanmugham said, adding that traditional markets such as the US, Europe, Africa and Latin America continue to be the major export destinations.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 16-05-2019
Notification No.37/2019 - Customs (N.T.)
Exchange Rates Notification No.37/2019-Custom(NT) dated 16.05.2019

Date: 15-05-2019
Notification No. 36/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 15-05-2019
Trade Notice No. 14/2015-2020
Three months time window for applying for MEIS for shipping bills with HS Codes which were harmonized and notified under MEIS Appendix 3B, Table 2 after a delay

Date: 15-05-2019
Policy Circular No. 23/2015-20
Non-requirement of submission of Hard copy of application at RAs for issue of Advance Authorisation (AA) & EPCG Authorisation

Date: 15-05-2019
ECA Circular No. 24
Administrative Review of Adjudication Orders passed by subordinate officers - regarding.

Date: 14-05-2019
TRADE NOTICE NO. 13/2019-20
Imports of Maize (feed grade) under the TRQ Scheme for 2019-20.

Date: 14-05-2019
Notification No. 15/2019-Customs
Seeks to further amend notification No. 50/2017-customs dated 30th June 2017 to postpone the implementation of increased customs duty on specified imports originating in USA from 16th May, 2019 to 16th June, 2019.

Date: 13-05-2019
TRADE NOTICE NO. 12/2019-20
Discontinuing submission of physical copy of RCMCs with effect from 1.7.2019 while filling application for incentives/entitlements under FTP

Date: 13-05-2019
Notification No. 20/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI-reg.

Date: 13-05-2019
Notification No. 21/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI-reg.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001