Despite the optimistic release including the forecast that the export value of this fiscal year will increase by 6% and the growth rate will be 10% in 2011/2012, the Apparel Export Promotion Council (AEPC) representing 8,000 garment exporters in India is still saying The stability of materials is the biggest concern.
AEPC**Premal Udani pointed out that although the apparel industry in India has shown signs of recovery, a new crisis has already emerged. He said that cotton yarn prices began to rise abnormally again, with a price increase of 30 renminbi per kilogram of cotton yarn, and another brewing of 20 renminbi per kilogram. AEPC believes that the soaring prices of cotton yarns will once again prove harmful to the recovery of India's garment export industry.
AEPC revealed that India’s ready-to-wear exports saw a recovery in December last year. The export surged by 40% to US$1 billion, and swept away from May to November, the seventh month of export decline. In the three months from October to December, garment exports grew by 1.7% from 2.398 billion U.S. dollars in the same period of the previous year to 2.438 billion U.S. dollars.
Exports to India's largest market for garment suppliers - the growth of the United States is particularly significant. From January to November of last year, exports grew by 10% to reach $ 2.9 billion, up from $ 2.64 billion in the previous year.
As the Indian government has ensured that local companies have sufficient supply to meet production needs, in the current fiscal year, 720,000 tons of cotton export quota control measures were adopted, causing Indian garment exports to change in the past year. Industrialists also believe that the aforementioned export control measures contain the rise in cotton prices.
The Comprehensive Economic Partnership Agreement (CEPA) signed between India and Japan on February 16 was greatly welcomed by Indian garment exporters and could enhance trade with Japan.
According to the agreement, goods with a total trade volume of approximately 94% between India and Japan will be gradually reduced to zero tariff within 10 years after the agreement enters into force; and all garment products that fall under the Customs Duty Regulations Chapters 61 and 62 of knitted and woven fabrics will enter into force on the date of the agreement. Immediately exempt from customs duties.
However, AEPC believes that the Indian government has not done its best to assist labor-intensive industries such as India's ready-to-wear industry. Therefore, Indian garment manufacturers are planning to request the extension of cotton/cotton yarn export control measures to the next cotton season because the imported cotton yarns are exempted from tariffs. And garments also enjoy the actual export tax rate.
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