New Delhi, Aug 4 (Inditop.com) Garment exports fell 15.4 percent in the first quarter this fiscal, an industry body said Tuesday.
According to data released by the Apparel Export Promotion Council (AEPC), India exported garments worth $2.41 billion in the quarter ended June 30 as compared to $2.85 billion it earned in the like period last year.
In June, the garment exports fell 10.15 percent from $968 million to $870 million, AEPC said.
Exports of silk garments, which tumbled 29.31 percent, were the hardest hit. It went down to $82 million in the April-June quarter against $116 million in the first quarter last year.
Clothes made from man-made fibres saw their overseas sales dip 27.2 percent in the June quarter to $190 million from $261 million a year ago.
Exports of cotton garments slipped 14.13 percent to $1.86 billion, while woollen garments tumbled 7 percent to $93 million, AEPC said.
It added that apparel made from other textiles also saw a decline of 5.5 percent in exports to $189 million during the period under review.
“Thus the erosion was spread across all categories,” AEPC chairman Rakesh Vaid said.
The Indian garment sector plunged into the crisis when the retail orders from advanced economies in North America and Europe declined following the economic slowdown that started last year.
In the $373 billion global clothing industry, India’s share has fallen over the years from 3.3 percent to 2.6 percent.
To maintain the current share of 2.6 percent, India needs to export $18 billion worth of clothes annually which will require 2.7 million additional manpower and investments of $30 billion.
