Textile exports tumble 8.6% in H1, to miss target
The exports declined to $11.96 billion during the April-September period, compared to $13.08 billion a year earlier, showed the provisional data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S).
However, exports value in the domestic currency went up by 10.4% between April and September to R 65,377.41 crore, thanks to a sharp depreciation of the rupee.
According to industry executives, with the slowdown in top markets such as the US and the EU-— which accounts for around 65% of the export basket of the segment — the lofty target for 2012-13 is all set to be missed.
Confederation of Indian Textile Industry secretary-general DK Nair said although demand seems to be returning, a sharp rebound in exports is unlikley.
Exports of cotton garments, including accessories, dipped 17.7% to $3.98 billion in the first half of the fiscal, while the shipments of cotton yarn fabrics and made-ups dropped 2.6% to $3.42 billion.
Man-made yarn and fabric shipments tumbled by 13.25% to $2.35 billion. The three segments account for around 82% of the total textile and garment supplies from the country.
The textile ministry had raised the export target for 2012-13 from $38.31 billion earlier this fiscal.
The country had exported textiles and garments worth $34 billion in 2011-12, up 26% from a year before, despite the
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