India’s apparel exports decline 17.78% in March
The Dollar Business Bureau
Apparel exports from India has dropped by 17.78% in the month of March this year to $1.49 billion as compared to $1.81 billion in the same month last year, according to the industry body Apparel Export Promotion Council (AEPC).
“India’s apparel exports has shown a decline of 17.78% for the month of March 2018 against the corresponding month of March 2017 as per the latest trade data,” AEPC said in a statement.
“The Indian readymade garments (RMG) exports were to the tune of $1.49 billion in March this year against the $1.81 billion, in the corresponding month last year,” the statement said.
In rupee terms, exports were Rs.9694.68 crore in the given month as against Rs.11946.37 crore in March 2017, registering a decline of 18.85%, it added.
During the entire fiscal of 2017-18, India’s RMG export to world were $16.72 billion, recording a decline of 3.83% over a year ago period. India’s apparel exports stood at $17.38billion during 2016-17 fiscal.
Commenting on the data, HKL Magu, Chairman, AEPC said, “These figure clearly shows that apparel exports are not only stagnating but are heading towards recession.”
“Though India is struggling with the problem of stagnation in exports, countries like Bangladesh and Vietnam are showing a consistent growth in the apparel exports. We would like the government to address the issue at the earliest,” he said.
Citing concerns over the condition of India’s apparel industry, Magu said, “The apparel manufacturing has already registered a decline for the 10th straight month in February. These figures clearly indicate towards an ongoing shrinkage in the industry, which is a big cause of concern for us.”
“The sector presently employs 12.9 million workers but due to the ongoing slide, several clusters has been impacted,” he added.
Apparel production in India has shown a decline of 4.7% in the month of February and a decline of 9.9% for the period April-February, 2017-18, according to the latest IIP figures. The apparel production has declined consecutively for 10 months till February 2018, on account of the issues arisen after the implementation of Goods and Services Tax (GST).