Textiles, clothing exports jump 11% in July
After a 17% decline in the April–june quarter, India’s textiles and clothing exports revived to witness a jump of 11% in July. Data compiled by the DGCIS under the Union Ministry of Commerce showed total textiles and apparel exports at Rs 196.36 billion ($ 2.86 billion) for July 2018 compared to Rs 176.92 billion ($2.74 billion) for the corresponding month last year. Total textiles exports witnessed a jump of 15 per cent to Rs 108.79 billion ($1.58 billion) for July 2018 versus Rs 94.29 billion ($ 1.46 billion) in the comparable month of previous year. Moving in tandem, India’s apparel exports recorded a jump of 6 per cent to Rs 87.57 billion ($1.27 billion) for July 2018 as against Rs 82.63 billion ($1.28 billion) for the same month last year.
Depreciation in the rupee against the dollar helped Indian exporters to expedite execution of orders and also receivables. Further, the manmade fibre (MMF) segment, which is expected to be the growth driver of the industry in the coming years, has seen increase in production. Growth has been observed in production of man-made fibre, spun yarn and fabric during April-june 2018.
The imports growth of textile and clothing has come down significantly. While the imports of textiles and clothing has increased from US$ 1.78 bn in April-june 2017 to US$ 1.87 bn in the same period this year, an increase of 5 per cent, it is significantly lower than the growth of 16 per cent last year.