India’s apparel exports in April 2018 were to the tune of $1.34 billion, registering a decline of 22.76% against exports of $1.74 billion in the corresponding month of last year, as per the latest Index of Industrial Production (IIP) data.
According to the IIP figures, apparel production in the country also noted a fall of 18.6% in March while an 11% drop was reported during April-March 2017-18 period. This was the eleventh straight month when the industry reported a decline in apparel production.
“The exports are in a negative territory since October due to a declining trend in the global apparel industry. The high base effect has been due to the release of rebate of state levies (RoSL) amount during April 2017 but the continued backlog in GST and RoSL is affecting the sentiments. We would like the government to address the issue at the earliest to reverse the trend of stagnating exports,” said HKL Magu, Chairman of Apparel Export Promotion Council (AEPC).
In the fiscal year 2017-18 that ended on March 31, India’s apparel exports fetched $16.71 billion, a decline of 3.83% compared to exports of $17.38 billion in the previous financial year.