2021 has been a mixed year for apparel business fraternity…Apparel exports are yet to reach pre-pandemic level, while apparel imports are gradually increasing!
According to Ministry of Commerce and Industry (India), the country upped its apparel imports by 7.55 per cent to US $ 352.18 million in Jan.-May ’21 period.
Had the fall not been recorded in woven garment imports, the imports would have been much better. Of total imports, knitted clothing valued US $ 165.86 million, marking 43.88 per cent yearly jump, while woven clothing declined by 12.19 per cent to US $ 186.32 million during the said period.
The data analysed by Apparel Resources further suggests that Indian apparel buyers are shifting away from China to other destinations for their sourcing needs.
India imported US $ 76.48 million worth of garments from China, declining significantly by 34.41 per cent on Y-o-Y basis…
Bangladesh surpassed China as it shipped US $ 147.88 million worth of clothing to India, noting 42.26 per cent Y-o-Y growth.
Spain too remained positive by 65.97 per cent and accommodated US $ 37.41 million worth of Indian clothing imports in Jan.-May ’21 period.
If data is anything to go by, Indian domestic apparel retail industry seems to be on upward trajectory, indicating consumers are spending on clothing products. Projections are even better for upcoming months as festival season is already on the cards and retailers are ecstatic.
