India’s apparel exports declined by 13.29 per cent to $12.19 billion during the January-October 2023 period from $14.05 billion recorded in the same period of 2022. 

As per a report by Apparel Resources, India’s apparel exports to major destinations including the US, UAE and UK dipped during the ten-month period.

India’s apparel exports to the US declined by 20.58 per cent to $3.90 billion in the mentioned period, whereas the exports to the UAE fell by 6.25 per cent to $1.18 billion in the January-October ’23 period.

Shipments to the third largest export destination-UK dropped by 12.12 per cent to $ 945.21 million in the January-October ’23 period.

This drop in India’s apparel exports to major destinations can be attributed to the fluctuating global economic scenario and inflationary pressures in the key economies worldwide.