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Apparel exports plunge by 7.2% in August

Apparel exports plunge by 7.2% in August
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India's apparel exports dropped 7.2 per cent to $989 million in August due to weak demand in the US and Europe, industry data showed on Friday.

Exports in the first five months of the current financial year fell 12.16 percent to $5.26 billion, according to the Apparel Export Promotion Council [AEPC].

‘Weak recovery in EU and the US has reduced the purchasing power of the people in these markets leading to the shortfall in the overall demand,’ A Sakthivel, chairman of AEPC, said in a statement. He urged the government to sign the free trade agreement with the European Union as soon as
possible.    
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