Exports of readymade garments from India continued to slide for the third month in a row mainly due to falling sales in the United States, according to fresh data. In October, apparel exports from India totalled 658 million dollars, down 9.62 per cent from 728 million dollars last year.
Cotton clothes and accessories worth 467 million dollars were exported in October 2008 which marked 14.54 per cent decline from previous year's performance. Exports of synthetic fibre garments dropped 20.28 per cent from 83 million dollars in October 07 to 66 million dollars. However, woollen garments worth 36 million dollars were exported, up 28.46 per cent from 28 million dollars in October 07.
In rupee terms, the story was different. Readymade garments of all textiles worth Rs 3,200 crore were exported in October 08, up 11.22 per cent in the same period last year. There was a marginal decline of 1.84 per cent in exports of clothes made from manmade fibres which totalled up to Rs 320 crore.
Apparel imports by the United States from India were down 4.08 per cent to 2.42 billion dollars during January to September from 2.52 billion dollars in the same period last year. Top supplier countries to the United States include China, Vietnam, Indonesia, Mexico and Bangladesh.
From April to October this year, garments worth 5.53 billion dollars were exported, showing an increase of 4.6 per cent from 5.29 billion dollars in the corresponding period last year. In rupee terms, the figures work out to Rs 23,960 crore, up 11.4 per cent from Rs 21,508 crore last year.
According to Mr Rakesh Vaid, chairman of the Apparel Export Promotion Council (AEPC), exports of readymade garments from India are likely to fall 24 per cent short of the 11.62 billion dollar target for the current fiscal (08-09) and may total up to 8.78 billion dollars. In 07-08, India exported garments worth 9.69 billion dollars, nine per cent more than in previous year.
India is the fifth largest exporter of apparels worldwide. Falling sales in developed countries due to the current global economic slowdown have resulted in lakhs of workers being laid off their jobs.
Cotton clothes and accessories worth 467 million dollars were exported in October 2008 which marked 14.54 per cent decline from previous year's performance. Exports of synthetic fibre garments dropped 20.28 per cent from 83 million dollars in October 07 to 66 million dollars. However, woollen garments worth 36 million dollars were exported, up 28.46 per cent from 28 million dollars in October 07.
In rupee terms, the story was different. Readymade garments of all textiles worth Rs 3,200 crore were exported in October 08, up 11.22 per cent in the same period last year. There was a marginal decline of 1.84 per cent in exports of clothes made from manmade fibres which totalled up to Rs 320 crore.
Apparel imports by the United States from India were down 4.08 per cent to 2.42 billion dollars during January to September from 2.52 billion dollars in the same period last year. Top supplier countries to the United States include China, Vietnam, Indonesia, Mexico and Bangladesh.
From April to October this year, garments worth 5.53 billion dollars were exported, showing an increase of 4.6 per cent from 5.29 billion dollars in the corresponding period last year. In rupee terms, the figures work out to Rs 23,960 crore, up 11.4 per cent from Rs 21,508 crore last year.
According to Mr Rakesh Vaid, chairman of the Apparel Export Promotion Council (AEPC), exports of readymade garments from India are likely to fall 24 per cent short of the 11.62 billion dollar target for the current fiscal (08-09) and may total up to 8.78 billion dollars. In 07-08, India exported garments worth 9.69 billion dollars, nine per cent more than in previous year.
India is the fifth largest exporter of apparels worldwide. Falling sales in developed countries due to the current global economic slowdown have resulted in lakhs of workers being laid off their jobs.
