There is a huge drop in India’s apparel exports, which fell by 40.75 per cent in October 2017 to Rs 5,398.08 crore compared to exports of Rs 9,110.75 crore in same month of the previous year. This includes garments of all textiles, according to the quick estimates of India’s foreign trade during the month, released by the ministry of commerce and industry.
Exports of man-made textiles, including yarn, fabric, made-ups, etc during the month dropped 8.26 per cent to Rs 2,309.57 crore, as against exports of Rs 2,517.51 crore in October 2016.
However, exports of cotton textiles, including yarn, fabric, made-ups, handloom products, etc increased by 2.21 per cent to Rs 5,369.97 crore over exports of Rs 5,253.96 in the corresponding month of the previous year.
Jute products, including floor covering, exports stood at Rs 150.28 crore in October 2017, registering a growth of 6.29 per cent year-on-year, while carpet exports dropped 33.03 per cent to Rs 667.29 crore.
Overall, India exported goods valued at Rs 150,325.95 crore in October 2017, compared to Rs 155,926.73 crore in October 2016, registering a decline of 3.59 per cent. This brings to an end a 13-month run of continuous increase in exports. The implementation of the Goods and Services Tax (GST) led to a shortfall in working capital with the exporters—the main reason for the decline in exports.
Cumulative value of exports for the period April-October 2017-18 was Rs 1097,858.68 crore as against Rs 1039,297.59 crore, registering a positive growth of 5.63 per cent over the same period last year.
Meanwhile, imports during October 2017 were valued at Rs 241,562.31 crore, which was 4.91 per cent higher over imports valued at Rs 230,246.81 crore in October 2016. Cumulative value of imports for the period April-October 2017-18 was Rs 1653,435.01 crore as against Rs 1403,911.51 crore, registering a positive growth of 17.77 per cent over the same period last year. (RKS)
Source Fibre2Fashion News Desk – India