NEW DELHI: India's garments exports tumbled by over six per cent to USD 879 million in July compared to the same month last year due to the ongoing global economic slowdown, apparel exporters body AEPC said today.
Exports in July 2008 were valued at USD 936 million. Garment exports from India were 14 per cent short of the USD 11.62 billion target for 2008-09 and totalled USD 10.13 billion, up four per cent from 9.68 billion dollars in the previous year.
AEPC Chairman Rakesh Vaid said that large number of stores in the US have been closed.
Meanwhile, Textiles Minister Dayanidhi Maran today met heads of export promotion councils (EPCs) associated with the sector and asked them to present 'Brand India' through a common platform in global trade fairs to counter China.
"EPCs should act in unison so that we also show the size in international fairs... it gives the feeling that the Indian market economy is booming and help in attracting buyers to stalls".
The share of Indian textiles in the global trade is minuscule while China dominates the international markets.
Different EPCs would be presenting a show of strength in Australia in November, Vaid said after the meeting.
The country's share in 373 billion dollar global clothing industry has fallen from 3.3 per cent to 2.6 per cent in 2008-09.
Source : The Economic Times