Economy

Apparel exports shrug off pandemic blues to grow 35% in first 3 quarters

BL New Delhi Bureau | | | Updated on: Jan 04, 2022
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Exporters have a robust order book from global brands and buyers, says textile body

Apparel exports have bounced back this fiscal with outbound shipments in the first nine months posting a 35 per cent growth to $11.3 billion, the Apparel Export Promotion Council (AEPC) has said.

“Apparel exports have grown despite local restrictions impacting operations in the first quarter during the second pandemic wave.

“Exporters have done exceedingly well and dealt well with the challenges,” said A Sakthivel, Chairman, AEPC.

Garment exporters have a fast-growing order book from brands and buyers across the world, a statement issued by the body pointed out.

With active support from the government and driven by strong demand, apparel exports will see historic highs in the coming months, it added.

At a new high

Apparel exports declined by about 21 per cent in 2020-21 due to Covid-19 disruptions. The sharp increase in cotton price — the chief input for the predominantly cotton-based textile industry, is acting as a dampener, complain some. According to the Confederation of Indian Textile Industry (CITI), there is a pressing need for removing import duty due to ‘sky-rocketing’ prices and low quality of the cotton available in the country.

Cotton prices, which were at ₹37,000 per candy of 355 kg during September 2020, increased to ₹60,000 in October 2021, fluctuated between ₹64,500 and ₹67,000 in November 2021 before reaching a peak of ₹70,000 per candy on December 31, 2021, a statement issued by CITI pointed out. CITI has urged the Prime Minister to remove the import duty on the fibre.

Monthly exports touched a record high of $37.29 billion in December 2021, a growth of 37 per cent over the same month last year, and in the first three quarters of the fiscal, exports were a record $300 billion.

 

 

Published on January 04, 2022

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