India’s apparel exports declined by 4.7 per cent to $1.22 billion in February this year on account of demand slowdown in western markets like the US and European Union.
During February 2012, these exports stood at $1.28 billion, according to the data provided by Apparel Export Promotion Council (AEPC).
“There has been virtually no demand in stores in European markets due to sluggish economic conditions,” AEPC Chairman A Sakthivel said.
He, however, said that the US market is picking up now.
The US and EU together account for 60 per cent of the country’s total textiles exports.
In April-February 2012-13, garment exports dropped 7.6 per cent to $11.51 billion compared to $12.46 billion in the same period previous year.
To reduce dependence on traditional markets, the exporters are making efforts to create niche for their items in emerging markets like Japan, Latin America and Africa.
In 2011-12, apparel exports grew by 17.9 per cent to $13.7 billion.