Covid-19 wipes out India's yarn and garment exports in April

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

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