Indian Garment Exports Slip 8.15% In August 2023
Indian garment exports slipped to US $1.13 billion in August 2023, down 8.15 percent as against $1.23 billion recorded in the same month of previous year.
In the first five months of current fiscal ending March 31, 2024, clothing exports fell to $5.96 billion, a drop of 15.98 percent compared to $7.10 billion in the period between April and August of earlier fiscal.
On the other hand, Indian textile exports declined 13.98 percent year on year in August 2023, while between April and August 2023, they descended 6.08 percent over the same period of fiscal 2023.
The decrease in both textile and apparel exports can be attributed to slowdown in the main markets of the US and the EU, where consumers have reduced their discretionary spending.