Chennai: A few countries are emerging as potential markets for Indian apparel exports, registering significant growth in off take. With some of the key markets like UAE going lighter on Indian apparels and pulling down the total shipments, exporters will have to tap these new markets for growth.
Among the three key apparel export markets of India - European Union, the US and the UAE- the demand from the Middle East has been at an all-time low. Compared to last year, UAE exports were down by 49 per cent and this has been dragging down the total exports as well. Exports to France shrunk 16 per cent and Sudanese and Sri Lankan shipments were down by 24 per cent.
"Exporters must look beyond to new and emerging markets to keep the momentum going. Four new markets that have seen an extraordinary y-o-y increase in demand for Indian apparel exports in the last two years -- the United Kingdom, which is a resurgent traditional importer, Chile, Israel and Japan," said Pushkar Mukewar, Co-Founder and Co-CEO of Drip Capital.
The United Kingdom has reported 51 per cent growth in exports in 2018 to $ 2.38 billion from $ 1.57 billion in 2017. Japanese exports are up by 21 per cent to $12 million. Chile's off take grew 31 per cent in 2018 after 17 per cent growth in 2017. Israel too is emerging a potential market by growing 23 per cent over 2017.