Textile and clothing exports drop in FY20
Sector bats for stimulus package
- Textile and clothing exports have dropped 6% during the 2019-2020 financial year, with a major fall in March.
- Textile and clothing exports in 2018-2019 were worth $35.9 billion and from April 2019 to March 2020 it was worth $ 33.8 billion.
- In March 2020, exports fell 32.2% compared with the same period last year.
- Apparel exports, which were about $16.1 billion in 2018-19, fell almost 4% to $15.4 billion, with the March exports alone dropping almost 35% compared with the same month last year.
- The fall in exports is because of the impact of COVID-19. In April, it is expected to be worse, however, demand is expected to rebound in July.
- Apparel exports had grown only during four months during the last financial year and this is because the industry did not get benefits under several schemes meant to promote exports.