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India: Apparel export growth rate records a fall in April

India's apparel exports growth rate slipped from 13.4 per cent in April 2014 to 9.24 per cent in April 2015 in dollar terms. In rupee terms the growth has fallen from 24.7 per cent to 13.58 per cent. Overall exports in April 2015 for readymade garments were Rs 9,063 crores.

However, apparel exports could register a positive growth of 9.24 per cent despite the subdued global economic cues. Non-traditional markets which have a 35 per cent share in India's garment exports are poised to receive a setback due to withdrawal of Chapter 3 benefits. The EU market constitutes 41 per cent of India's readymade garment exports. Market conditions in major markets like EU continue to be subdued. Moreover, India is facing a duty disadvantage of 9.6 per cent compared to competing countries like Bangladesh and Pakistan who have zero duty access under the EU GSP scheme.

The US constitutes 21.7 per cent of India’s readymade garment exports and market conditions in the US are recovering gradually. Prospects of considerable improvement of India’s chances in the market are rather limited due to competition from countries like Vietnam, Mexico, which have zero duty access under preferential treaties with the US.

 
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