Ministry of Commerce & Industry, DGCI&S, has revealed the Quick Estimates of EXIM (export-import) data for the month August 2018. In a press release issued, Sanjay K Jain, Chairman, CITI elaborated on the data that the exports of Textile and Clothing (T&C) sector recorded a hike of 18 per cent fetching Rs. 21,895.00 crores during August 2018 which was Rs.18,533.00 crores in the previous year.
Notably, the progressive figures witnessed a 6 per cent growth and registered Rs. 1,01,727.00 crores during Apr-Aug this year as compared to Rs. 95,888.00 crores recorded last year during the same time period. Over all, All Commodities Exports (ACE) has fetched a significant growth of 30 per cent last month, while for cumulative, it witnessed a growth of 22 per cent.
Appreciating the efforts made to meet the issues of T&C industry, the Chairman credited CITI’s initiatives in association with the central government’s approach for the positive trend in apparel exports.
Furthermore, Sanjay K Jain marked out that the quick estimate figures of imports for Textile Yarn Fabric & Made-ups recorded a surge of 32 per cent at Rs.1,196.00 crores during August 2018 as compared to Rs. 907.00 crore during the previous year. While the cumulative figures of imports stood witnessed a hike of 11 per cent at Rs. 5,347.00 crores during Apr-Aug 2018 which was recorded at Rs. 4,799.00 crores in the prior year.
Additionally, the chairman put forth the impact, the government made by increasing the import duty on most of the textile items which were witnessing a significant surge in import volumes. Jain observed that the real effect of the protection given by increasing the import duty and rupee depreciation is yet to come and it will ease out the stress which is there at present on the industry.
However, Chairman stated that he is happy to see the positive IIP data. It is pertinent to mention here that the IIP production data for T&C also registered a robust Y-o-Y increase during July 2018 as compared to the last year. Textiles and Apparel has registered a growth of 2.9 per cent and 9.8 per cent, respectively during July 2018. The General Index for the month of June 2018 is 6.6 per cent above the level of last year.
