Mumbai: The Indian textile market took a significant hit thanks to Covid-19 as the export of yarn and all set-built clothes fell be as significantly as ninety% in the course of April, recommended one report.

Yarn exports fell between 80-ninety% in April and about thirty% in the course of the quarter ended March as imports by China, which accounts for a third of India’s yarn exports fell as garment units there shuttered. Imports by Bangladesh, which accounts for almost a fifth of India’s yarn exports, also declined, according to a Crisil Study report.

Meanwhile, the export of all set-built clothes declined by ninety one% in April and by about sixteen% in the course of the March quarter. The US and the European Union, which with each other account for sixty four% of India’s readymade garment (RMG) exports, are staring at a economic downturn.

In its eighteen May well version, ET had noted that several primary stores in the US and EU had filed for individual bankruptcy, stressing their Indian lenders. India exports about $sixteen billion worthy of of apparels annually, according to Attire Export Marketing Council.

Crisil Study expects yarn exports to decline by 35-40% this fiscal, whilst clothes exports to decline by about thirty-35%.