EXIM data shows positive signs for Indian textile and apparel industry: CITI
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 crore during August
2018 which was Rs. 18,533 crore in same period previous year. Notably, the progressive figures witnessed a 6 per cent growth and registered Rs. 1,01,727 crore during AprilAugust this year as compared to
Rs. 95,888 crore 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 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 crore during August 2018 as compared to Rs. 907 crore during the previous year. The cumulative figures of imports witnessed a hike of 11 per cent at Rs. 5,347 crore during AprilAugust 2018 which was recorded at Rs. 4,799 crore 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. He 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, the 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 that in the same period the last year.