India’s apparel export share holds near 3% as China+1 sourcing opportunity widens
PL Capital says India retained about 3% of global apparel exports in 2025, even as China’s share fell to 27.3% from 36.9% in 2010. FTAs, PLI and PM MITRA could help capture a US$50–60 billion China+1 opportunity, but fragmented capacity and high capital costs remain hurdles.
What happened
Indian Apparel Industry · PL Capital says India’s apparel export share stayed near 3% in 2025 despite China’s declining dominance. China+1, FTAs, PLI and PM
Key facts
- India's global apparel export share: 3% in 2025
- China's global apparel export share: 27.3% in 2025, down from 36.9% in 2010
- India's apparel export share: 3.2% in 2010
- Bangladesh and Vietnam combined share: over 13%, up from about 7%
- China+1 sourcing opportunity: US$50-60 billion
What changed
PL Capital says India’s apparel export share stayed near 3% in 2025 despite China’s declining dominance. China+1, FTAs, PLI and PM MITRA could improve prospects, but fragmented capacity, high capital costs and limited integrated manufacturing remain constraints.
Why this matters
The widening China+1 sourcing opportunity supports a long-term India apparel-export thesis, but the unchanged 3% global share highlights significant execution risk.
What to watch
- India's apparel export growth versus global apparel trade growth and whether market share rises materially above 3%.
- Execution and occupancy progress at PM MITRA parks, including integrated textile capacity and logistics connectivity.
- New India trade agreements or tariff improvements in the UK, EU and US markets.
- Changes in US/EU tariffs, forced-labor rules or China-specific trade restrictions that alter sourcing economics.
- Interest rates, export financing availability and capex announcements from large Indian textile and apparel groups.