2021 was the year of revival of the consumer markets and the fashion industry managed to stay positive after a setback witnessed in 2020.
As a result, Indian fashion retail market saw a significant jump and the imports were higher than 2020 figures. As per Ministry of Commerce and Industry, India imported US $ 1.15 billion worth of apparels during 2021, noting 30 per cent Y-o-Y growth.
Knitted garment import (US $ 556.89 million) surged by 47.61 per cent, while the increase in woven garments (US $ 600.50 million) was 17.13 per cent.
As analysed further by Apparel Resources, the import from Bangladesh valued US $ 474.71 million – highest amongst all import destinations – noting a massive increase of 58.54 per cent in 2021 over 2020.
Bangladesh has become the preferred sourcing destination for Indian buyers, beating China that could ship just US $ 279.18 million worth of garments to India in 2021, declining by 7.48 per cent on yearly basis.
Spain was the third top importing destination from where India imported US $ 103.31 million worth of garments in 2021, registering 50.40 per cent Y-o-Y surge on Y-o-Y basis.
