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Apparel exports have declined by about 7.2 per cent in dollar terms in August to $989 million over the corresponding period last year.
Exports in dollar terms stood at $1.06 billion during the same period last fiscal.
However, in rupee terms the exports grew 14 per cent during August this fiscal at Rs 5,497 crore against Rs 4,827 crore in the corresponding period last year.
In the first five months of the current fiscal, the apparel exports were down 12.16 per cent at $5.260 billion against $5.98 billion in the corresponding last year.
In rupee terms, exports during April-August period were up 7.32 per cent at Rs 28,761 crore compared with Rs 26,800 crore in the corresponding period last year.
“The weak recovery in the European Union and the US has reduced the purchasing power of the people in these markets leading to a shortfall in overall demand,” A. Sakthivel, Chairman, Apparel Export Promotion Council, said in a statement.
Further, the appreciating rupee and high cost of funds are adding to the worries of exporters, he added.
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