INDIA: Apparel Exports decline for third consecutive month.
Apparel exports from the country dropped for the third successive month in July, showing a 22.5 percent annual decrease in contrast to recovery in the country's overall exports which went up by 13.2 percent in the same month.
Egytex News Desk
Source: smetimes.tradeindia.com
The garments exports fell to USD 816 million in July on lesser demand from the US and European markets, according to the Apparel Export Promotion Council (AEPC).
"The demand from western markets like the US and Europe has still not revived as there is a slow recovery in these economies," AEPC Chairman Premal Udani was quoted by a news agency.
The US and EU account for about 80 percent of the country's total apparel exports, which aggregated to USD 10.64 billion in 2009-10.
During April-July 2010-11, apparel exports declined by annual eight percent to USD 3.46 billion.
In contrast, India's overall exports during the April-July period aggregated at USD 68.63 billion, up 30.1 percent over the same period last year.
In July, overall exports went up by 13.2 percent in July to USD 16.24 billion.
While the government, in the recent amendments to Foreign Trade Policy, announced extension of the incentives under the Market Linked Focus Product Scheme (MLFPS) to EU till March 31, 2011, the industry wanted that the relief be also provided for the shipments to the US as well.
Under the MLFPS, the exporters get two percent incentive on value of exports.
Source: smetimes.tradeindia.com
From the Egytex news archive, first published on 30 August 2010. Figures and names are as reported at the time.
