After a staggering 38 per cent jump in October, India’s textile and apparel exports growth moderated to 14 per cent in November due to a sharp volatility in the rupee against the dollar.
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The Tiruppur Exporters’ Association (TEA) is dismayed on the reduction of duty drawback rates on apparel items. In this revised list, the government has reduced rates for value-added ready-made garments while improving rates for raw materials like cotton, yarn and fabrics.
Welcoming the new duty drawback rates, the Cotton Textiles Export Promotion Council (TEXPROCIL) said the revision will boost the exports of cotton textiles.
India’s cotton textile exports grew by 26 per cent at $6,235 million in the first six months ended September 2018 and the on-going trade war between US and China will open up new export opportunities, the Cotton Textiles Export Promotion Council (Texprocil) said.
The domestic demand for textiles is likely to remain robust from end-user segments, supported by a strong rise in private consumption expenditure during the rest of FY19.
Vietnamese textile and clothing (T&C) enterprises are losing their competitiveness due to high costs of logistics services for exports, experts have said.
India’s trade deficit in July widened to the most in more than five years, worsening the outlook for the rupee that hit a record low a couple of days back.