Apparel exports from India has once again noted a decline. A 22.7 per cent drop to approximately US $ 1.34 billion or Rs. 8,859.67 crores in the month of April 2018 was recorded as compared to US $ 1.74 billion or Rs. 11,272.24 crores in the corresponding period of last year. This has been revealed in the latest data released by IIP.
According to the IIP figures, apparel production in the country also noted a decline of 18.6 per cent in March while an 11 per cent drop was reported during April-March 2017-18 period. This was the eleventh straight month when the industry reported a decline in apparel production.
“We would like the Government to address the issues at the earliest to reverse the trend of stagnating exports,” stated HKL Magu, Chairman, Apparel Export Promotion Council (AEPC), which has been meeting policymakers for an early resolution of the issues faced by the industry.
The declining trend in the global apparel Industry has put the exports from India in a negative territory since October 2017. The industry reported a strong growth in 2017-18.
Notably, RMG exports from India declined by 3.83 per cent to around US $ 16.71 billion in April-March 2017-18 as against US $ 17.38 billion during April-March 2016-17.
In the month of March 2018, India witnessed a massive YoY 17.78 per cent plunge.
