India’s apparel exports observed a massive YoY 17.78 per cent plunge in March 2018. Realising the criticality, Apparel Export Promotion Council (AEPC) has issued a press statement in which it has raised concerns over the sluggishness of apparel exports in India while other hubs such as Bangladesh and Vietnam are enjoying a consistent growth rate.
The Indian apparel industry generated mere US $ 1.49 billion (approx.) in export revenue in the month of March 2018 against the corresponding month of February 2017 at US $ 1.81 billion.
In rupee terms, the percentage was even higher as exports for the month were Rs. 9,694.68 crores as against Rs. 11,946.37 crores in March 2017, down by 18.85 per cent.
Globally, India reported a 3.83 per cent decline in RMG exports to US $ 16.71 billion in the period of April-March 2017-18 as compared to US $ 17.38 billion in the same period of 2016-17.
“The export figures for apparels for the period April to March 2017-18 have shown a drastic decline of 3.83 per cent and a steep decline of 17.78 per cent for the month of March 2018. These figures clearly show that apparel exports are not only stagnating but are heading towards recession,” maintained HKL Magu, Chairman, AEPC.
On the other hand, India has already witnessed a drop of 4.7 per cent in apparel production the month of February 2018. This is the tenth straight month when the industry has registered a decline in apparel manufacturing.
