"India’s apparel exports registered a 17.78 per cent decline in March 2018 against the same period last year reveals latest trade data. Indian RMG exports were to the tune of $1.49 billion (approx.) in March 2018 against the corresponding month of February 2017, which was $1.81 billion (approx.). In rupee term, export for the month of March 2018 was Rs 9,694.68 crore as against Rs 1,1946.37 crore in March 2017, a decline of 18.85 per cent. Talking about the decline, HKL Magu, Chairman, Apparel Export Promotion Council (AEPC) says, “The export figures for apparels for the period April-March 2017-18 has shown a drastic decline of 3.83 per cent and a steep decline of 17.78 per cent for the month of March 2018."
India’s apparel exports registered a 17.78 per cent decline in March 2018 against the same period last year reveals latest trade data. Indian RMG exports were to the tune of $1.49 billion (approx.) in March 2018 against the corresponding month of February 2017, which was $1.81 billion (approx.). In rupee term, export for the month of March 2018 was Rs 9,694.68 crore as against Rs 1,1946.37 crore in March 2017, a decline of 18.85 per cent.
Talking about the decline, HKL Magu, Chairman, Apparel Export Promotion Council (AEPC) says, “The export figures for apparels for the period April-March 2017-18 has 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 a recession. 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.” He goes on to explain, the sector presently employs 12.9 million workers but due to the ongoing slide, several clusters have been impacted. Though India is struggling with the problem of exports stagnation, countries like Bangladesh and Vietnam are recording consistent growth in apparel exports. “We would like the government to address the issue at the earliest,” he opines.
While India’s global RMG export from April to March 2017-18 was to the tune of $16.71 bn. (approx.), which has decreased by 3.83 per cent compared to the same period in previous fiscal. During April-March 2016-17, India’s apparel exports were around $17.38 bn. (approx.). AEPC has been engaging with policymakers for an early resolution of issues.
India’s RMG exports in numbers
RMG exports were to the tune of $1491 million in March 2018 a decline of -17.78 per cent against the corresponding month of March 2017, which was $1813.44 million. In rupee term, export for March 2018 was Rs 9,694.68 crore as against Rs 1,1946.37 crore in March 2017 a decline of -18.85 per cent. RMG export in April-March 2017-18 was to the tune of $16716.5 million, which has decreased by -3.83 per cent compared to the same period last year. During April-March 2016-17, India’s apparel exports were $17382.8 millionn.
