02 February 2022, Mumbai:
Buoyed by strong orders and revival of global retail industry, India’s apparel export revenues surged 24 per cent in 2021 over 2020. Export evenues increased to $15.21 billion during calendar year 2021 as compared to $12.27 billion in 2020.
Revenues shrunk 24.50 per cent due to the pandemic in 2020 that wreaked havoc in the global apparel industry. Compared to 2019, export revenues declined by 6.43 per cent in 2021. The US emerged as top apparel export destination for India during 2021 with shipments totaling $4.78 billion worth of garments, noting 44.93 per cent Y-o-Y growth.
Apparel exports to the US surpassed the figures clocked during pre-pandemic year 2019 when US imported garments worth $4.34 billion. Not just 2019, India’s export to the US in 2021 remained the best export performance of last one decade, signaling a strong rebound in its top export destination after a devastating pandemic.
Exports to third top export destination UK increased 16.68 per cent to $1.31 billion in 2021, while the shipment values dropped by 17.44 per cent as compared to 2019.
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