Garment exports increase again after two months, increased by 11.7 percent in November; Exports of $ 31.99 billion

Garment exports are showing a boom again after two months. In the month of November, an increase of 11.7 percent was registered in the export of garments as compared to November last year. Garment is an employment-oriented sector and the increase in its exports will generate employment opportunities. However, there was a nominal increase in the total export of goods in the month of November. The total merchandise exports in November this year stood at $31.99 billion as against $31.80 billion in November last year.

According to the Apparel Export Promotion Council (AEPC), readymade garment exports stood at $1.19 billion in November this year as against $1.07 billion in November last year. AEPC chairman N. Goenka said that garment exports were in trouble for the last two months due to the recession in America and Europe, but once again there has been an increase in garment exports. Garment exporters said that garment exports have now come out of the declining phase.

Free trade agreement with Australia is going to be implemented from December 29, which will help in increasing garment exports. Garment exports are targeted at $17.6 billion in the current financial year 2022-23 and $10.35 billion have been exported in April-November, which is seven percent more than the same period of the previous financial year.