Garments Exports up 23 pc in Oct.

New Delhi, Dec 23 (PTI) Apparel exports grew about 23 per cent year-on-year to USD 913 million in October, thanks to the growing demand from markets like Japan and Latin America.

These exports stood at USD 744 million in the same period last year, according to the data provided by the Apparel Export Promotion Council (AEPC).

Besides rising demand Japan, Latin America and other newly explored markets, the council attributed the growth to the low-level of demand (low-base effect) in October last year.

During April-October 2011-12, garment exports grew 31 per cent to USD 7.6 billion compared to USD 5.8 billion in the same period last fiscal.

To reduce dependence on traditional markets like the US and Europe, the exporters are exploring new markets like Africa, Japan and Latin America, AEPC Chairman Premal Udani said.

The US and Europe together account for over 70 per cent of India''s total apparel exports.
The council expects garments exports to touch USD 14 billion in 2011-12.

During the 2010-11 fiscal, the exports grew 4.4 per cent to USD 11.1 billion compared to the previous financial year.

The apparel industry employs about 70 lakh people in the country, out of which almost half are engaged in the export sector.

Source : news.in.msn.com