INDIA: October apparel exports slip on weaker demand
India's apparel exports continued to decline in dollar terms during October due to weaker demand in Europe and the US.
According to figures released by the Apparel Export Promotion Council (AEPC), apparel exports reached INR48.1bn or US$907m, up 6.8% in rupee terms but down 0.8% in dollar terms compared to October last year.
During the first seven months of the 2012-2013 financial year, exports reached INR388.26bn or $7.13bn in dollar terms, up 8% but down 9.1% respectively.
AEPC chairman Dr A Sakthivel said: "Buyers are not putting more orders due to the economic turbulence in their economy specifically in Western Europe, USA and Canada.
"Besides, the economic turbulence there is a stiff competition from the Vietnam and Bangladesh in US market and from Turkey in EU market, respectively. Most of the share of India is bitten by these suppliers."
As China appears to be losing market share in these markets, Sakthivel said India needs to gain this share lost from China, he said.
"Moreover, increasing wage rates, hike in oil prices and inputs are other causes of worry as they are dent on exporter's profit," Sakthivel added.
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