Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Blackswan event for textile, apparels: Here’s how coronavirus affected exports, domestic sales.


Date: 28-08-2020
Subject: Blackswan event for textile, apparels: Here’s how coronavirus affected exports, domestic sales
With coronavirus hitting the globe, virtually every industry has borne the brunt of the pandemic with lower sales volumes and hampered revenue flow. Textile and apparel industry is no different and has also reported significant reduction in sales starting from March when the government imposed coronavirus lockdown. “Post lockdown announcement by the government of India, domestic retail sales came to a grinding halt. To add to the woes of regular garment manufacturers, international customers, who were also under lockdown, deferred orders from Indian suppliers,” according to a recent webinar by CARE Ratings on the apparel industry. However, the issues for the textile industry do not end there.

Calling coronavirus a blackswan event for the textile industry, Sudeep Sanwal, Senior Manager, CARE Ratings said that “GDP of two major export destinations for Indian apparels manufacturers, ie, the United States and Europe, is expected to contract in 2020 which will further lower the demand for apparels”. These two destinations combined account for more than half of the apparel exports from India. Due to lockdowns, order cancellations took place in massive numbers which also led to pent-up inventories. Since, the fashion industry is highly dynamic in terms of styles, the unsold stock may soon go out of fashion which will lead to inventory losses for manufacturers.

The spring summer collection of most manufacturers also witnessed a significant hit. Also affecting the sales of the manufacturers was the fact that despite having ready clothing, logistics posed a problem.

While it has been almost six months since the coronavirus pandemic hit Indian shores, there is still no clarity as to when the situation will get better. Moreover, in the light of an economic slowdown, job loss, and salary cuts, discretionary spending is expected to remain low. Keeping this in mind, retailers will now focus on liquidating existing inventories and will only start placing orders when the cash cycle starts to improve. In fact, retailers are likely to cut autumn/ winter orders by more than 50%. Retailers place orders for the upcoming fall, winter season in August. The companies hope for a sales revival only after late Q3 or early Q4.

Source:- financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 24-10-2020



Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001