India’s textile and garment exports remained US $ 18.4 billion in the first of the current financial year, down by 1 percent from the previous fiscal. This was highlighted in the latest Wazir Textiles Index (WTI).
In the first half, the import of textile and garment products, however, increased by 4 percent compared to the previous year. The report states that export of all the categories except apparel have grown in the first half of the year as compared to last year.
During the period, garment export dropped by 16 percent. It is being reported that the drop in garment exports to the UAE (-55 percent) have impacted the figures badly.
As per WTI, the EU, US and UAE were the top export destinations for India.
Additionally, India’s fibre import increased in the first half. Apparel imports jumped by 56 percent. China continues to be the largest import partner for India, however, the imports plunged by 0.4 per cent.