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Garment exports still witness downward trend
09
Sep '10
Garment industry of India is witnessing steep fall in exports, irrespective of the growth in country's overall export. In the month of July, these exports slipped by around 22.5 percent to $816 million from $1,053 million in the same period last year, as per the data released by the Apparel Export Promotion Council (AEPC).

These exports fell down by around 13 percent, in the month of June, from $964 million to $833 million and in May it tumbled down to $820 million from $880 million, recording a fall of 6.8 percent. Hence, the industry witnessed a negative growth of around 8 percent during the first four months of current year.

It dropped down to $3,464 million in the first four months of the current fiscal, from $3,769 million during corresponding four months of last fiscal year. AEPC Chairman, Mr. Premal Udani expressed skepticism, over sector's target attainment which is set at $12 billion for the current year. He stated that this year, the sector will beat its last year exports of $10.72 billion, but, expressed uncertainty over achieving the target.

Attributing such a downturn in garment exports to the higher cotton prices, the Chairman requested the government to calibrate raw cotton and yarn exports with no disruption of supply to garment producers. The Directorate General of Foreign Trade's announcement of allowing cotton for exports from October and around 30 percent loss of cotton crop in Pakistan has led to a steep rise in prices, he alleged.

This compares unfavourably with shipments of clothing from China, Cambodia, Vietnam and Bangladesh, which have witnessed growth rates of between 13-18 percent year on year, in the first half of 2010.

Fibre2fashion News Desk - India

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