Revising apparel export targets to $18 billion for this fiscal from $17 billion, the current $13.6 billion apparel exporting industry is looking at Israel for support. India’s exports to that market grew over 80% in 2011 over 2010.
Israel’s total apparel imports stood at $1278 mn in 2011, a 20% jump over 2010. However, its imports from India jumped more than 80% during the period at $34 mn. India exported apparel worth $19 mn to Israel in 2010. India’s share in Israel’s basket grew over 50% to 2.7% in 2011 over 1.8% in 2010.
“Israel was not affected with any of the economic crisis in decades and we have found the availability of a huge market potential which has to be tapped properly to place our mark in Israel,” said chairperson of the apex body of Indian apparel exporters – the Apparel Export Promotion Council (AEPC) and the Tirupur Exporters’ Association (TEA) A Sakthivel.
Addressing the 22nd Annual General Meeting of TEA on Monday, he said to tap the potential in the Israel market, AEPC organised Buyer Seller Meet in Tel Aviv last week.
The US and Europe together account for over 80% cent of the country’s apparel exports. During 2011-12, apparel exports grew about 18% year-on-year to $13.6 billion. Rupee depreciation in fact, bailed out Indian apparel exports in 2011-12.
Anticipating yet another slowdown in EU and poor demand from those markets, apparel exporters have been scouting for alternative destinations like Latin America, southern and western Africa, Japan, Russia and Australia.
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