For the fiscal year 2020-21, the government will set an export target for the country’s apparel sector at $33.78 billion with a growth projection of 20.88%.
Commerce Minister Tipu Munshi will announce the export target on Thursday through a virtual press conference.
A highly credible source at the Export Promotion Bureau (EPB), which is dealing with the exports and helping the ministry to set targets, confirmed the Textile Today.
“For the fiscal year 2020-21, the government is going to set an export target at $33.78 billion for the country’s apparel sector, while the overall export target for goods will be set at $41 billion with a 21.75% growth,” said the official.
Of the total target for RMG, $16.70 billion will come from knitwear products and $17.09 billion from woven goods.
In theFY20, the apparel sector hit the hardest impact of the COVID-19 pandemic and it witnessed sharp decline due to the cancellation of work orders by the global retailers and brands.
Apparel exports plunged by 18.12% to $27.95 billion, as compared to $34.13 billion in the previous fiscal year.
Of the $28.95 billion, Knitwear products fetched $13.90 billion, 17.65% less than the last fiscal year. Woven items earned $14.04 billion, registering an 18.58% negative growth.