India’s textile and apparel exports grew by 14 per cent in November. Textile exports jumped nine per cent and apparel exports jumped 21 per cent. For the period between April and November, textile and apparel exports grew by seven per cent.
The old duty drawback rate which was very attractive came to an end in September 2017. Because of this attractive scheme, Indian exporters advanced their delivery schedules to avail of the duty drawback scheme. Consequently, textile and apparel exports skyrocketed in September 2017. Exports one year later in September 2018 declined sharply. From that level, however, exports are normalizing which is believed to continue in future as well to end the current financial year flat.
Indian’s textile and apparel exports are destined for all countries including China. The recovery in the US economy has given a boost to India’s textile and apparel exports. Since the US economy is on a continuous growth path, India’s textile and apparel export growth is expected to continue.
India registered a growth of 5.37 per cent in textile and apparel exports in 2017. India’s share in world trade in textile and clothing is estimated to be 4.95 per cent. With these exports, India is ranked second among suppliers in the world.