The textile and apparel sector seems to have seen a revival, going by export performance in October this year. Apparel exports grew 54 per cent in rupee terms in October compared with the same month last year; in dollar terms it was 36 per cent for the same period.
Total textile and apparel exports grew 38 per cent in rupee terms and 22 per cent in dollar terms for the same period. An industry source, who did not want to be named, said one big reason for this was that last year exports had dropped due to the impact of GST introduction. Rupee depreciation also seems to have encouraged exports now. According to Sanjay K Jain, Chairman of Confederation of Indian Textile Industry, the IIP data for textiles and clothing saw a year-on-year growth during September this year from a year earlier. Manufacture of textiles grew 5.4 per cent this September year-on-year and manufacturing of wearing apparel saw a 20.9 per cent growth for the same period. “The growing, positive trend shows visible signs of recovery after a difficult period.” he said. Chandrima Chatterjee, Adviser to the Apparel Export Promotion Council, said market sentiment was good and that demand had picked up in the US and the European Union.
