India's apparel export plummets (-) 17.78% in March 2018
India’s apparel exports observed a massive Y-o-Y (-) 17.78 per cent plunge in March 2018. Realising the criticality, Apparel Export Promotion Council (AEPC) 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 monath of February 2017 at US $ 1.81 billion. In rupee terms, the as exports for the month were Rs. 9,694.68 crore as against Rs. 11,946.37 crore 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 alone. These figures clearly show that apparel exports are not only stagnating, but are heading towards recession,” maintained HKL Magu, Chairman, AEPC.
India has already witnessed a drop of (-) 4.7 per cent in apparel production in the month of February 2018. This is the tenth straight month when the industry has registered a decline in apparel manufacturing.