AHMEDABAD: Rupee depreciation has bailed out Indian apparel exporters who were unsure of growth following weak consumer sentiment. The final figures are not yet in, but India expects to close the fiscal at $13.5 billion against $11 billion in 2010-11, said chairperson of the Apparel Export Promotion Council A Sakthivel.
The hitherto struggling garment export sector witnessed dampening exports during most part of 2011 due to bad market conditions in European Union and sluggish market in the US. However, exports helped it to sail through. Apparel exports reached $12 billion in February 2012 with a growth rate of 18.9% against the corresponding period last year, Sakthivel said.

More than 80% of India's apparel goes to the consumers in the US and Europe. Anticipating yet another slowdown in the EU and poor demand from those markets, apparel exporters looked at alternative destinations during the period. "Indian exporters entered Latin America, southern and western Africa, Japan, Russia, Israel and Australia during the year.

Also, government's support through Focus Market Scheme and Market Linked Focus Product Schemes and the various FTAs signed have given the apparel exporters market access especially in Japan," Sakthivel said. Newer markets brought in 10% of business for the industry, said Chandrima Chatterjee, director (Economic & Consultancy) and Compliance, AEPC.