India’s apparel imports, according to Ministry of Commerce and Industry, have plunged 17.26 per cent on Y-o-Y basis to US $ 92.81 million in October ’20.
According to the data compilation and further analysis done by Apparel Resources, India has experienced a sharp rise of 13.12 per cent in imports from Bangladesh valuing US $ 41.20 million, despite total RMG imports falling in the 10th month of 2020.
The contribution of Bangladesh was 44.39 per cent of total Indian RMG import value and this directly indicates that Bangladesh is still a key import partner for India.
In the same month, imports from China plunged by 32.49 per cent on yearly basis to US $ 25.04 million, while the third top importing destination Spain fell 26.56 per cent to ship US $ 6.94 million worth of garments to India in October ’20.
As far as cumulative data (Jan.-Oct. ’20 period) is concerned, India nosedived by 26.50 per cent in its garment imports value which stood at US $ 714.71 million as compared to US $ 972.35 million in the same period of 2019.
Clearly, COVID-19 has made significant dent on the RMG imports done by India.
Bangladesh too fell by 30.90 per cent in its RMG shipment to India in the first 10-month period of 2020 and valued US $ 231.17 million. On the other hand, China shipped US $ 260 million and became top garment exporter for India in the period, noting just 3.78 per cent fall!
