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West slowdown shaves 5.76% off yearly apparel exports

India’s apparel exports declined by 5.76 per cent to $12.92 billion in 2012-13 due to the demand slowdown in major markets of the US and Europe.

In 2011-12, the sector’s export stood at $13.71 billion.

‘Exports have declined to the country’s major destinations - the Europe and the US,’ Apparel Export Promotion Council Chairman (AEPC) A Sakthivel said in a statement.

He said India’s export to the EU region during January- February, 2013 period declined by 6.5 per cent to $1.1 billion. Similarly, the country’s exports to the US dipped by 7.2 per cent to $571 million during the first two months of 2013 calender year.

The US and Europe together account for over 65 per cent of the country’s garment exports. To boost exports, Sakthivel demanded a cut in customs duty on synthetic fabric and adequate availability of credit at affordable rates to the industry.

‘On account of the spiralling cotton yarn prices, the chairman also proposed the banning cotton exports or allowing garments exporters to import duty free yarn and fabrics,’ AEPC said.
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