Gurugram, Apr 16 (KNN) With the decline in India’s apparel export by whopping 17.78 percent in March, 2018, YoY basis, the Apparel Export Promotion Council (AEPC) has raised concerns over stagnation of apparel exports in India while consistent growth of the same in Bangladesh and Vietnam.
India’s apparel exports have shown a decline of 17.78 percent for the month of March 2018 against the corresponding month of March 2017 as per the latest trade data.
The Indian RMG exports were to the tune of USD 1.49 billion (approx.) in March 2018 against the corresponding month of February 2017, which was USD 1.81 billion (approx.). In rupee term export for the Month of March 2018 was Rs. 9694.68 Crore as against Rs.11946.37 Crore in March 2017 with the decline of 18.85 %.
Talking about the decline in exports, HKL Magu, Chairman, AEPC said, “The export figures for apparels for the period Apr- March 2017-18 has shown a drastic decline of 3.83% and a steep decline of 17.78 % for the month of March 2018.These figure clearly shows that apparel exports are not only stagnating but are heading towards recession.”
He 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 have been impacted, pointed the chairman.
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, Magu said.
Meanwhile, India’s Readymade Garments (RMG) exports were to the tune of USD 1491 million in March 2018 with the decline of -17.78 per cent against the corresponding month of March 2017, which was USD 1813.44 million.
In rupee term export for the Month of March 2018 was Rs. 9694.68 Cr. As against Rs. 11946.37 Cr. in March 2017 with the decline of -18.85 per cent.
India’s RMG export to World in the April-March of 2017-18 was to the tune of USD 16716.5 mn which has decreased by -3.83 per cent compared to the same period of previous financial year. During April-March 2016-17, India’s apparel exports were to the tune of USD 17382.8 mn, according to an AEPC release.