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Apparel exports have slowed down registering a growth of just two per cent in February at $1.29 billion ($1.27 billion).
In rupee terms, it was up 10 per cent at Rs 6,324 crore (Rs 5,757 crore), according to Apparel Export Promotion Council press release.
Exports have been hit by the slowing demand from the US and European markets.
Shipments were up 19 per cent at $12.14 billion ($10.21 billion) in 11 months of this fiscal. In rupee terms, it logged in a growth of 24 per cent at Rs 57,936 crore (Rs 46,559 crore), said the Council quoting the Directorate General of Commercial Intelligence and Statistics data.
Besides the tapering demand from the developed markets, a sharp depreciation of rupee against dollar has diverted some of the orders from the country.
In December, exports fell seven per cent to $1.15 billion ($1.16 billion), while it rose 15 per cent in rupee terms to Rs 6,053 crore (Rs 5,244 crore). In January, it was up seven per cent at $1.30 billion ($1.21 billion).
Major US importers in January moved their orders to developing countries such as Vietnam, Indonesia, Bangladesh and Mexico which witnessed an increase of 15.4 per cent, 17 per cent, 14.3 per cent and 11.8 per cent, respectively.
While India registered a growth of two per cent to $309 million ($328 million), China’s increased eight per cent.
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