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The Regional Comprehensive Economic Partnership (RCEP) has been in effect for over two years, and its impact on the textile and apparel industry is becoming increasingly clear. The free trade agreement, covering 15 Asia-Pacific nations, has significantly altered trade flows in the sector, creating opportunities and challenges for businesses across the region. RCEP, which includes major textile producers and consumers like China, Japan, South Korea, and the ASEAN countries, has streamlined trade processes and reduced tariffs. This has led to a boost in intra-RCEP textile and apparel trade, reshaping supply chains and influencing investment decisions.
China’s dominance and ASEAN’s influence
China has emerged as a dominant player within RCEP, leveraging its massive production capacity and competitive pricing to capture a significant share of the intra-bloc market, particularly in yarns and fabrics. Meanwhile, ASEAN countries, with their lower labor costs and growing manufacturing capabilities, are attracting increased investment and becoming key players in the apparel segment, particularly in finished garments.
RCEP is also encouraging companies to source inputs and intermediate goods from within the bloc, leading to a strengthening of regional supply chains. What’s more, the agreement is fostering innovation and competition, pushing companies to upgrade their technologies and improve product quality to stay ahead.
Table: Intra-RCEP textile and apparel trade (2022)
|
Country |
Exports ($bn) |
Imports($bn) |
Major export products |
Major import products |
|
China |
95.02 |
23.45 |
Yarns, fabrics, finished apparel |
Raw cotton, specialized textiles |
|
Vietnam |
44.2 |
28.7 |
Apparel, footwear |
Fabrics, yarns |
|
South Korea |
15.6 |
12.3 |
Synthetic fabrics, technical textiles |
Apparel, raw materials |
|
Japan |
10.8 |
18.5 |
Specialized textiles, high-performance apparel |
Apparel, home textiles |
|
ASEAN (total) |
120.3 |
85.6 |
Apparel, footwear, home textiles |
Fabrics, yarns, raw materials |
|
Australia |
2.1 |
8.9 |
Wool, raw materials |
Apparel, home textiles |
|
New Zealand |
1.5 |
3.2 |
Wool, natural fibers |
Apparel, home textiles |
Note: This table is based on available data from various sources and may not be fully comprehensive.
Product-wise China leads, Vietnam makes a mark
Fibers: Raw cotton remains a significant import for many RCEP countries, with Australia and New Zealand emerging as key suppliers. Synthetic fibers are largely traded within the bloc, with South Korea and China being major exporters.
Table: Top traded textile and apparel Products within RCEP (2022)
|
Product Category |
Estimated trade value ($bn) |
Major exporters |
Major importers |
|
Apparel |
180 |
China, Vietnam, Bangladesh, Cambodia |
Japan, Australia, New Zealand, South Korea |
|
Yarns |
60 |
China, India, Vietnam |
Cambodia, Laos, Myanmar |
|
Fabrics |
85 |
China, South Korea, Taiwan |
Vietnam, Thailand, Indonesia |
|
Raw Cotton |
20 |
Australia, India, United States (outside RCEP) |
China, Vietnam, Bangladesh |
|
Synthetic Fibers |
35 |
South Korea, China, Japan |
Vietnam, Thailand, Indonesia |
Yarns: China dominates yarn exports within RCEP, supplying a wide range of yarns to other member countries for use in apparel and textile production. The reliance on raw cotton imports, particularly from outside RCEP (like the US), indicates a potential vulnerability for the bloc. This highlights the need for diversification of sourcing and increased production of raw materials within RCEP. The significant trade in synthetic fibers reflects the growing demand for these materials in various applications, from apparel to industrial uses.
Fabrics: A wide variety of fabrics are traded within RCEP, with China and South Korea exporting higher-value synthetic and specialized fabrics, while ASEAN countries focus on cotton and blended fabrics.
Apparel: Apparel constitutes the largest share of intra-RCEP trade in the textile and apparel sector. This highlights the significant role of RCEP in facilitating the flow of garments within the region. Trade is dominated by China and ASEAN countries, with Vietnam and Bangladesh emerging as major garment exporters.
In fact, the data suggests that China and Vietnam have emerged as major beneficiaries of RCEP in the textile and apparel sector. China's dominance in yarn and fabric production, coupled with Vietnam's rising apparel manufacturing prowess, has allowed them to capitalize on the increased market access and reduced tariffs within the bloc. This has led to concerns that other RCEP members, particularly those with less developed textile industries, may struggle to compete.
Table: Estimated Intra-RCEP Textile and Apparel Trade (2023 and 2024)
|
Country |
Exports ($bn) |
Imports ($ bn) |
Major export products |
Major import products |
|
China |
||||
|
2023 |
102.0 (est.) |
25.0 (est.) |
Yarns, fabrics, finished apparel |
Raw cotton, specialized textiles |
|
2024 |
108.0 (est.) |
26.5 (est.) |
Yarns, fabrics, finished apparel |
Raw cotton, specialized textiles |
|
Vietnam |
||||
|
2023 |
48.0 (est.) |
31.0 (est.) |
Apparel, footwear |
Fabrics, yarns |
|
2024 |
52.0 (est.) |
33.5 (est.) |
Apparel, footwear |
Fabrics, yarns |
|
South Korea |
||||
|
2023 |
16.5 (est.) |
13.0 (est.) |
Synthetic fabrics, technical textiles |
Apparel, raw materials |
|
2024 |
17.5 (est.) |
13.8 (est.) |
Synthetic fabrics, technical textiles |
Apparel, raw materials |
|
Japan |
||||
|
2023 |
11.5 (est.) |
20.0 (est.) |
Specialized textiles, high-performance apparel |
Apparel, home textiles |
|
2024 |
12.0 (est.) |
21.5 (est.) |
Specialized textiles, high-performance apparel |
Apparel, home textiles |
|
ASEAN (total) |
||||
|
2023 |
130.0 (est.) |
92.0 (est.) |
Apparel, footwear, home textiles |
Fabrics, yarns, raw materials |
|
2024 |
140.0 (est.) |
98.0 (est.) |
Apparel, footwear, home textiles |
Fabrics, yarns, raw materials |
|
Australia |
||||
|
2023 |
2.3 (est.) |
9.5 (est.) |
Wool, raw materials |
Apparel, home textiles |
|
2024 |
2.5 (est.) |
10.0 (est.) |
Wool, raw materials |
Apparel, home textiles |
|
New Zealand |
||||
|
2023 |
1.6 (est.) |
3.5 (est.) |
Wool, natural fibers |
Apparel, home textiles |
|
2024 |
1.7 (est.) |
3.8 (est.) |
Wool, natural fibers |
Apparel, home textiles |
This table based on preliminary data, industry reports, observed in 2022 shows some clear trends.
Continued growth: Intra-RCEP textile and apparel trade continued growing in 2023 and 2024, driven by ongoing tariff reductions and increasing regional integration.
China's steady dominance: China maintained its dominant position in the bloc, with exports continuing to outpace imports.
ASEAN's expansion: ASEAN countries further expanded their role in apparel production and exports, capitalizing on their competitive labor costs and growing manufacturing base.
Supply chain resilience: The COVID-19 pandemic and geopolitical tensions highlighted the importance of resilient supply chains. RCEP is likely to have encouraged further diversification and regionalization of supply chains within the textile and apparel sector.
Sustainability concerns: Increasingly, consumers and governments are demanding greater sustainability in the textile and apparel industry. This trend is likely to have influenced sourcing decisions and production practices within RCEP.
India's decision, a missed opportunity?
India, a significant textile and apparel producer, opted out of RCEP in 2019 due to concerns about potential flooding of its market by cheaper Chinese goods. While this decision may have protected some domestic industries in the short term, it has also raised questions about whether India is missing out on the potential benefits of increased regional trade and integration. Some analysts argue that India could have leveraged its strengths in cotton production and skilled labor to become a major player in the RCEP market.
RCEP is still in its early stages, and its full impact on the textile and apparel industry will unfold over time. However, it is clear that the agreement is reshaping the regional landscape, creating a more integrated and dynamic market. Businesses that can adapt to these changes and leverage the opportunities presented by RCEP are well-positioned for success in this evolving market.
Ludhiana-based pioneering sustainable manufacturer Rudra Ecovation presented its cutting-edge upcycled range of fabrics at Heimtextil 2025, held in Frankfurt, Germany, from January 14-17, 2025.
The company unveiled a collection of premium sustainable fabrics titled,Anaura. Crafted from recycled PET bottles, the range includes Anaura Home, a range of upcycled fabrics for home furnishings; Anaura Athleisure, a high-performance, eco-conscious fabrics range for activewear and sportswear, and Anaura Fashion, a trendy and sustainable fabrics range blending style with responsibility for fashion applications.
Besides fostering partnerships in international market, Rudra Ecovation aims to strengthen its global footprint by participating in international events like Heimtextil. The participation enables the company to not only showcase its products but also inspire a collective shift towards sustainability says VK Goyal, CEO and Executive Director.
Founded on innovation, Rudra Ecovation operates a state-of-the-art 100-acre facility in Ludhiana, capable of recycling 8.8 million PET bottles daily. This process saves approximately 140,000 metric tons of CO2 emissions annually, making it a leader in eco-friendly manufacturing. The facility produces 320,000 sq m of Anaura fabrics in diverse weaves, widths, and GSMs, along with products like RPET yarn, RPET flakes, and acoustic panels.
An internationally renowned trade fair for home and contract textiles, Heimtextil serves as a global hub for textile innovation and design. In 2025, the event hosted over 3,000 exhibitors and 50,000 trade visitors from more than 60 countries, providing an ideal platform for networking and business expansion. The exhibition enabled Rudra Ecovation to connect with like-minded partners who share the company’s vision for a sustainable future, says Isani Malhotra, Director.
Combining innovation, responsibility, and performance to meet the growing global demand for eco-conscious solutions, Rudra Ecovation continues to lead the charge in sustainable textiles.
The Wirkin phenomenon, a Walmart version of the iconic Hermès Birkin bag, sparked a debate about accessibility, status, and design ethics in the world of luxury fashion.
The Birkin’s Legacy
The Hermès Birkin bag, handcrafted from the finest leathers and often adorned with precious metals and jewels, is more than just an accessory. It's a symbol of wealth, exclusivity, and unparalleled craftsmanship. Its origin’s story which was a chance encounter between actress Jane Birkin and Hermès chief executive Jean-Louis Dumas on a flight in 1984, adds to its allure. The bag's exclusivity is increased by its notoriously long waiting lists and price tags that can range from tens of thousands to millions of dollars.
The rise of the Wirkin
Fast forward to late 2024, and a new bag emerged on the scene – the ‘Wirkin’. a Walmart version of the Birkin, retailing for around $80. The price disparity, a difference of over 100x, is at the heart of the Wirkin phenomenon. The Wirkin, with its strikingly similar design elements – the trapezoidal shape, the flap closure, the metal hardware – quickly went viral on social media, sparking a frenzy among shoppers and a heated debate in the fashion world.
Accessibility vs. exclusivity
Pro-Wirkin: Supporters of the Wirkin argue that it democratizes fashion, making a coveted style accessible to those who could never dream of owning the original. They see it as a fun, affordable way to participate in a trend without breaking the bank.
Anti-Wirkin: Critics, on the other hand, see the Wirkin as a blatant knock-off that undermines the craftsmanship, heritage, and exclusivity of the Birkin. They argue that it devalues the original and feeds a culture of fast fashion and disposable consumption.
A social media frenzy, the hashtag #Wirkin garnered millions of views on TikTok, with users showcasing their purchases and styling tips. "The Wirkin is a win for fashion lovers who want style without the hefty price tag," says a TikTok user who posted a video about the bag. This viral trend highlights the power of social media in driving consumer behavior and challenging traditional fashion norms. While exact sales figures for the Wirkin are not available, anecdotal evidence and media reports suggest a big boost in demand for the bag, with some styles selling out quickly. This indicates a strong consumer appetite for affordable alternatives to luxury goods. The Wirkin also raises questions about intellectual property and design protection. While the bag doesn't bear the Hermès logo or trademarks, its close resemblance to the Birkin could potentially lead to legal challenges. "The Birkin is not just a bag; it's an investment, a piece of art," argues a luxury fashion blogger. "The Wirkin cheapens that legacy."
The Birkin vs. Wirkin debate highlights the tension between accessibility and exclusivity in the fashion industry. While the Wirkin may be a fleeting trend, it has sparked a conversation about the value of luxury, the role of social media in shaping consumer preferences, and the ethics of design inspiration. The sheer volume of Wirkin consumption, driven by its affordability and viral appeal, stands in stark contrast to the carefully controlled scarcity and exclusivity of the Birkin. Whether you see it as a democratizing force or a cheap imitation, the Wirkin has undeniably left its mark on the fashion landscape, forcing us to re-examine our relationship with status, accessibility, and the meaning of true luxury.
This weekend marks the debut of Shift, a men’s fashion event aimed at energizing the industry. Organized in just three months, Shift is a creative platform where brands, retailers, and innovators come together to explore the future of men’s fashion through inspiration, innovation, and collaboration.
Responding to the growing demand for fresh ideas, Shift creates a space to showcase collections while addressing industry challenges. Featuring a dynamic mix of established names and emerging talents, the event celebrates boldness and creativity. It’s a call to action for retailers navigating changing consumer needs, evolving trends, and sustainability demands.
Shift also emphasizes courage and collaboration in an industry still recovering from the pandemic. Its founders, Lucel van den Hoeven and Rick van Rijthoven, envision the event as a catalyst for transformation, championing progress through sustainable and innovative practices.
The two-day event, January 26-27, at Taets in Zaandam, offers retailers opportunities to connect with brands, explore cutting-edge technologies, and embrace the stories driving change in men’s fashion. Shift is more than a showcase, it’s a movement toward a brighter, more sustainable future.
Join us to experience the power of change. Celebrate the brands daring to lead and discover what’s possible when creativity and collaboration converge. Shift promises to be an inspiring and unforgettable experience.
Accounting for 44.6 per cent of the nation’s total export earnings for the year, Cambodia’s earnings from garment exports increased by 24.4 per cent to $12 billion in 2024. As per data from the General Department of Customs and Excise (GDCE), the nation’s earnings from exports of garments and related products under HS codes 61, 62, 63, and 64 increased to $11.68 billion from $9.39 billion in 2023.
Garment products under HS codes 61, 62, and 63 encompass knitted and non-knitted apparel and accessories, while HS code 64 includes footwear, gaiters, and related items. Earnings from exports of garment products under HS 61 increased by 21.2 per cent to $6.64 billion while those under HS 62 rose by 31.9 per cent to $3.15 billion. Earnings from exports of products under HS 63 code rose by 31.9 per cent to $208.29 million while those under HS 64 generated increased by 23.1 per cent to $1.68 billion.
Hong Vanak, Economist, Royal Academy of Cambodia, attributes this growth to increased global demand from key markets such as the US, Canada, the EU, and Asia. According to him, factors like the recovery of tourism, reduced inventory levels in previous years, and political issues impacting other exporting nations also played a role in this growth
In 2024, Council for the Development of Cambodia (CDC) approved 414 projects worth $6.9 billion. Garment factories led among these with 99 projects, followed by 25 footwear and 18 travel bag factories.
Noting a rise in shipping activity from garment factories, Chea Chandara, President, Logistics and Supply Chain Business Association, attributes this growth to competitive pricing and quality, which have boosted international orders.
Ly Kunthai, President, Cambodia Footwear Association, emphasizes on political stability, attractive investment laws, and a skilled workforce as key factors supporting the sector’s recovery since mid-2023. He also praises government efforts to promote Cambodian-made products and foster investment.
The European jeanswear market is a fiercely competitive space, with numerous established manufacturers, brands and emerging contenders vying for the top spot. 2024 has seen some interesting shifts in market share, driven by evolving consumer preferences, sustainability concerns, and innovative marketing strategies.
Top players
While precise figures are still being compiled, preliminary data suggests the following brands are leading the pack in terms of market share in 2024.
Table: Top brands and their growth
Brand Estimated market share (%) Estimated revenue (€ bn) Retail presence (approx. points of sale) Levi's 22% €4.50 5,000+ Diesel 15% €3.10 3,000+ H&M 10% €2.10 4,000+ Zara 8% €1.70 2,500+ G-Star RAW 7% €1.40 1,500+ Pepe Jeans 6% €1.20 1,000+ Lee 5% €1.00 800+ Wrangler 4% €0.80 600+ Other brands 23% €4.70
Source: Euromonitor International, Statista, Company Annual Reports
What makes these brands leaders?
There are several reasons for the sustained success of these jeanswear giants.
Brand heritage and legacy: Levi's, Diesel, Lee, and Wrangler boast of a rich histories and strong brand identities that resonate with consumers seeking authenticity and timeless style.
Product innovation: These brands consistently invest in research and development, introducing new fits, washes, and fabric technologies to cater to evolving consumer demands.
Sustainability initiatives: With growing consumer awareness of environmental and social issues, leading brands have implemented sustainable practices throughout their supply chains, from sourcing raw materials to reducing water and energy consumption. Marketing and distribution: Effective marketing campaigns, celebrity endorsements, and strategic collaborations have helped these brands maintain high visibility and reach a wider audience.
Omnichannel presence: A strong online presence coupled with a network of physical stores allows these brands to offer a seamless shopping experience across multiple channels.
Growth over the years
Most leading jeanswear brands have shown steady growth over the years, albeit with some fluctuations depending on economic conditions and fashion trends.
Levi's: Despite facing challenges in the early 2000s, Levi's has experienced a resurgence in recent years, driven by its focus on sustainability, product innovation, and collaborations with influential designers and celebrities. This is reflected in their steady revenue growth and expansion of their retail footprint across Europe.
Diesel: Known for its rebellious spirit and bold designs, Diesel has maintained a strong presence in the premium denim segment, consistently pushing boundaries and captivating a younger audience. Their focus on flagship stores and a strong online presence has contributed to their consistent growth.
H&M and Zara: These fast-fashion giants have captured a significant market share by offering trendy and affordable jeanswear, catering to a broad consumer base. Their extensive store network across Europe, and aggressive online marketing strategies have given a push to their rapid expansion.
Each brand has carved out its niche by focusing on specific differentiators and unique selling propositions. Levi's iconic 501s, commitment to sustainability for example, water In 2025, the jeanswear market is expected to remain competitive, with several trends shaping its future. Sustainability will continue to be major focus for brands with consumers increasingly demanding sustainable and ethically produced jeanswear. Brands will leverage technology to offer personalized experiences and customized products. Online channels and digital marketing will continue to play a crucial role in reaching and engaging consumers. Comfort and performance will be priority for brands as jeanswear will incorporate innovative fabrics and technologies to enhance these qualities.
Amazon has announced it will be ending its ‘Try Before You Buy’ program on January 31, 2025. This marks the end of a six-year experiment that allowed Prime members to order clothes, shoes, and accessories and try them on at home before committing to a purchase.
Launched in 2018 as an expansion of the ‘Prime Wardrobe’ pilot program, ‘Try Before You Buy’ aimed to address a key challenge in online apparel shopping: uncertainty about fit and style. Customers could order up to six items, try them on for seven days, and only pay for what they kept. Returns were free, encouraging experimentation and reducing the risk associated with online fashion purchases.
Did the experiment succeed?
The program gained significant traction in its early stages, particularly among frequent online shoppers and those seeking a more convenient alternative to traditional dressing rooms. It offered a unique value proposition in the competitive fashion e-commerce landscape, driving customer engagement and loyalty. Indeed, ‘Try Before You Buy’ significantly impacted the fashion and apparel sector. It allowed brands to reach a wider audience, gather valuable customer feedback, and reduce return rates associated with sizing and fit issues.
Table: Impact and reach of the experiment
|
Metric |
Impact of ‘Try Before You Buy’ |
|
Customer Engagement |
Increased customer interaction with fashion products |
|
Brand Reach |
Expanded market access for apparel brands |
|
Return Rates |
Potentially reduced returns due to improved fit selection |
|
Customer Satisfaction |
Enhanced the online shopping experience for fashion items |
In fact, several brands reported positive results from participating in the program. However, despite its success, Amazon has decided to discontinue the program. The company cites the increasing use of AI-powered tools like virtual try-on, personalized size recommendations, and improved size charts as reasons for this decision. Amazon's decision to end it reflects a broader trend in the industry towards leveraging technology to enhance the online shopping experience. While the program provided a valuable service, the company believes that its AI-powered features can now offer a more efficient and scalable solution to address fit and style concerns.
However, the end of ‘Try Before You Buy’ raises questions about the future of similar programs and the role of the model in online fashion retail. Will other companies follow suit, or will alternative solutions emerge to bridge the gap between online and in-store shopping experiences?
As technology continues to evolve, the fashion e-commerce landscape is likely to undergo further transformations. Whether AI-powered tools can fully replicate the benefits of physically trying on clothes remains to be seen. But one thing is certain: the quest for the perfect online shopping experience continues.
Led by the founding Ramzan family, fast-fashion chain, Quiz is finalizing plans to close up to a third of its stores in the UK as part of a major restructuring effort.
This move is expected to result in significant losses for many shareholders, with hundreds of job cuts across its 60 outlets, which currently employ around 1,500 people.
Peter Cowgill, Former Chairman, JD Sports Fashion and Chairman, Quiz, has enlisted restructuring experts from Teneo to explore options for revitalizing the business. Led by Sheraz Ramzan, the Ramzan family plans to shut down the retailer's worst-performing stores to reduce costs and halt its financial decline.
Quiz’s troubles accelerated in the weeks leading up to Christmas when it revealed worsening financial issues. The company disclosed that it was on the verge of running out of cash due to a significant decline in sales, both online and in stores. Subsequently, Quiz announced its plan to de-list from the London Stock Exchange and go private, ending a tumultuous few years as a publicly traded company.
Quiz’s shares had fallen dramatically since its 2017 IPO, where they initially traded at 161p, raising over £90 million for the founders. In less than two years, the stock had plummeted to under 20p, and it’s now trading for less than a penny. The company is urgently seeking new financing after securing a £1 million emergency loan from Sheraz’s father, Tarak Ramzan, but struggles to secure further funding, particularly from HSBC, which appears reluctant to continue supporting the business.
Last year, Quiz recorded nearly £7 million in losses, a stark contrast to the £2.3 million profit it made the previous year.
Industrialists in Ludhiana urging the World Trade Organization (WTO) to revoke its least developed country (LDC) status for Bangladesh. Bangladesh has already benefited from these provisions, which allowed the country to drive its garment exports to Europe and other regions while attracting sourcing for international brands, these manufacturers argue. Meanwhile, India’s apparel, garment, and hosiery industries—especially in Ludhiana—have been severely impacted by these advantages, leading to business closures and many more on the verge of collapse.
Bangladesh was granted the LDC status WTO in 2006. Extending for a period of 20 years, the status gave Bangladesh benefits such as zero import duties on its garments in the UK, Europe, and several other countries. The LDC status also included duty-free and quota-free (DFQF) market access, allowing Bangladesh to access major markets like Europe and boosting its garment and textile manufacturing sectors. Moreover, the flexibility in tariff adjustments and the ability to maintain higher import duties helped protect local industries and spurred growth in Bangladesh’s manufacturing sector.
Despite the hoped expiration of Bangladesh's LDC benefits, the WTO has extended them with a three-year transition period, meaning these benefits will continue until 2029. This extension has led to massive growth in Bangladesh’s garment sector, with global brands shifting their sourcing from Ludhiana to Bangladesh due to cost efficiencies and tariff advantages. Lower production costs in Bangladesh, fueled by factors such as cheaper labor, have further contributed to the shift.
However, the impact of this extension on the Ludhiana’s industry has been devastating. Competition from Bangladesh has made it difficult for Ludhiana manufacturers to retain or expand their market share in foreign markets like Europe, says Vinod Thapar, Chairman, Knitwear Club.
Badish Jindal, President, World MSME Forum, emphasizes, Bangladesh has taken full advantage of the LDC benefits, but the declining industry in Ludhiana due to these advantages is cutting into the exporters’ profitability. The WTO must revoke these provisions, as Bangladesh’s economy is doing well now.
Having crossed Rs 20, 482 crore by October, India’s apparel exports are expected to rise to Rs 30,000 crore by December 2025, registering a 15-18 per cent monthly growth.
A rise in international demand for knitwear garments has revitalized production in Tiruppur's textile units, following several challenging years. In FY2022-23, knitwear exports from the region's knitwear exports grew ti Rs 34,350 crore.
However, exports from the sector were once again hit during 2023-24 due to the Russia-Ukraine war alongwith economic slowdowns in Western markets, rising freight costs and higher electricity charges. Despite these challenges, political shifts in the US, changes in trade relations with China, and unrest in Bangladesh, exports continue to create new trade opportunities for India, says Kumar Duraisamy, Joint Secretary, Tirupur Exporters' Association (TEA).
The expiration of Bangladesh's free trade agreement (FTA) with the EU in 2027 has prompted many foreign buyers to shift their attention to India, exporters point out. The country is also set to complete negotiations for an FTA with the UK, offering small, medium, and micro enterprises an opportunity to recover, says Kumar.
The positive trend is also seen across India’s ready-made garment (RMG) industry, with RMG exports growing by 5.2 per cent growth in December 2024 compared to the same month in 2023, according to A Sakthivel, Vice-Chairman, Apparel Export Promotion Council (AEPC). From April to December 2024, India’s overall RMG exports rose by 13.2 per cent Y-o-Y to Rs 94,936 crore. Meanwhile, the Tiruppur knitwear sector is expected to grow by 15 per cent this fiscal year, pushing exports beyond Rs 40,000 crore, he adds.
Manufacturers believe India's RMG sector could achieve even greater success with additional government support. MP Mauthurathinam, President, Tiruppur Exporters and Manufacturers Association (TEAMA) urges the government to remove the tax on cotton imports, establish more FTAs, and reduce bank interest rates to fully capitalize on these opportunities.
Currently, India ranks sixth in garment exports, accounting for just 3.9 per cent of global exports, while Bangladesh holds 12 per cent, and China dominates with 36 per cent. With the right announcements in the upcoming budget, the apparel industry in India could reach new heights, Muthurathinam signs off.
