Garment exports plunge 10.5 pc in June: AEPC

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SME Times News Bureau | 06 Aug, 2012
Garment exports slip by 10.5 percent year-on-year to USD 1.1 billion in June due to weak demand in the US and European markets, reports media.

According to the data provided by the Apparel Export Promotion Council (AEPC), the exports stood at USD 1.2 billion in the same period last fiscal, report said.

"The demand is sluggish in the US and European markets as buyers are placing few orders and not keeping inventories," AEPC Acting Secretary General Vijay Mathur said.

He, however, said the exporters expect the demand to pick up in the American market in the coming months.

The US and Europe together account for about 65 percent of India's total garment exports.

During April-June this year, apparel exports declined 12 percent year-on-year to USD 3.2 billion.

To reduce dependence on western markets, exporters are diversifying into new markets like Israel, Russia and South Africa.

During 2011-12, apparel exports grew about 18 percent year-on-year to USD 13.6 billion.