There is a huge drop in India’s apparel exports, which fell by 40.75 per cent in October 2017 to Rs. 5,398.08 cr compared to exports of Rs. 9,110.75 cr in same month of the previous year. This includes garments of all textiles, according to the quick estimates of India’s foreign trade during the month, released by the Ministry of Commerce and industry. Exports of man-made textiles, including yarn, fabric, made-ups, etc. during the month dropped 8.26 per cent to Rs. 2,309.57 cr, as against exports of Rs. 2,517.51 cr in October 2016. However, exports of cotton textiles, including yarn, fabric, made-ups, handloom products, etc increased by 2.21 per cent to Rs. 5,369.97 cr over exports of Rs. 5,253.96 in the corresponding month of the previous year.
Jute products, including floor covering, exports stood at Rs. 150.28 cr in October 2017, registering a growth of 6.29 per cent year-on-year, while carpet exports dropped 33.03 per cent to Rs. 667.29 cr. Overall, India exported goods valued at Rs. 150,325.95 cr in October 2017, compared to Rs. 155,926.73 cr in October 2016, registering a decline of 3.59 per cent. This brings to an end a 13-month run of continuous increase in exports. Reacting to the export data for the month of October 2017, Ganesh Kumar Gupta, President, Federation of Indian Export Organisations (FIEO) said that the fall was expected as exporters particularly MSME were facing liquidity problem to pay GST for four months in a row without getting any refund.
Gupta said that there is immediate need for remedial measures to prevent further decline in exports otherwise the situation may be worse for November 2017. Implementation of the measures approved by GST Council is not taking place as a result challenges faced by the exporters remain the same, he added. Cumulative value of exports for the period April-October 2017-18 was Rs. 1097,858.68 cr as against Rs. 1039,297.59 cr, registering a positive growth of 5.63 per cent over the same period last year.
Meanwhile, imports during October 2017 were valued at Rs. 241,562.31 cr, which was 4.91 per cent higher over imports valued at Rs. 230,246.81 cr in October 2016. Cumulative value of imports for the period April-October 2017-18 was Rs. 1653, 435.01 cr as against Rs. 1403, 911.51 cr, registering a positive growth of 17.77 per cent over the same period last year.