Positive growth has been recorded in November month and factors like Economic Trade Agreement will help boost the demand.
The Ministry of Commerce issued the export date for the month of November 2022 which reveals that readymade garment exports has reversed the negative growth existing compared to the corresponding months of previous year since September 2022 onwards and shown positive growth of 22.71 per cent compared to November 2021.
In a press release issued, K M Subramanian, President, Tiruppur Exporters’ Association, said that Tiruppur knitwear exports was clocking negative growth in the months of August, September and October 2022, -14.6 per cent, -24.4 per cent and -34.1 per cent respectively compared to the corresponding months of last year 2021 has turned into a positive in the month of November 2022 and recorded 10.6 per cent compared to November 2021.
Subramanian mentioned that the positive growth has been recorded in November month is quite encouraging and pointed out that the factors like Economic Cooperation and Trade Agreement (ECTA) entered with Australia will come into effect from December 29, 2022 and the envisaged Agreement with UK will happen in another two months, as informed by Piyush Goyal, Union Minister of Commerce and Textiles, will help to boost the knitwear exports from Tiruppur. He further noted that the UK and Australia buyers are interested to place orders with us consequences of China Plus 1 policy of the respective countries and was hopeful that the placement of orders will gradually increase in the coming days for the next season.