The vibrant apparel retail industry of India is posing great opportunities for apparel manufacturing destinations and the same can be witnessed in the latest apparel import figures of the country.
As per Ministry of Commerce and Industry, India has concluded FY ’22 with garment imports valuing US $ 1.26 billion and noted 43.58 per cent Y-o-Y growth.
Knitted garment import (US $ 605.41 million) surged by 54.12 per cent, while the increase in woven garments (US $ 659.61 million) was 35.09 per cent.
As analysed further by Apparel Resources, the imports from Bangladesh accounted for US $ 523.04 million, up 78.87 per cent in FY ’22 over FY ’21, and that’s around 41.34 per cent share in total Indian apparel import values.
Bangladesh has surpassed China to become top destination for India buyers as China could ship just US $ 297.73 million worth of garments to India in FY ’22. There was no change in China’s shipment value to India as compared to FY ’21!
India’s apparel imports from Spain too increased and valued US $ 104.24 million, registering 36.28 per cent Y-o-Y basis.
The growth in imports is projected to be continued as Indian fashion retail market is booming and noting M-o-M increase in its sales revenues.