According to the provisional data released by Ministry of Commerce and Industry, India has seen 24.52 per cent de-growth in its apparel exports value during 2020 (calendar year).
The country was able to hit a figure of just US $ 12.26 billion from its apparel shipment in 2020 as against US $ 16.25 billion in 2019, all because of down market sentiments due to COVID-19.
As reported earlier by us, September remained the best month of the ‘Made in India’ garments as exports in this month valued US $ 1.19 billion, noting 10.22 per cent Y-o-Y growth.
However, the dismal performance continued in all other months. Though there were months when India tapped minor growth on M-o-M basis, a heavy negative trajectory could be seen in most of the period in 2020.
USA remained the largest export destination in 2020 with US $ 3.30 billion worth of apparel shipment, declining 24.04 per cent on Y-o-Y basis.
UAE witnessed 18.47 per cent decline and was on 2nd spot with US $ 1.52 billion worth of apparel imports from India in the recently concluded year.
UK was the top destination for India in Europe as the Asian country shipped US $ 1.12 billion worth of apparels to UK, plunging 29.24 per cent on yearly note.
