As per Ministry and Commerce and Industry figures, India has seen a slight decline of 5.57 per cent in knitted fabric export values from January to October 2020. The country shipped $348.71 million worth of knitted fabrics during the said period as against $369.27 million in the corresponding period of 2019. Sri Lanka was the top export destination, with imports worth $144 million of knitted fabrics from, however there is a decline of 15.12 per cent on year on year basis. However, there was slight recovery as Sri Lanka’s import from India grew 3.41 per cent in October.
Meanwhile, US, witnessed a sharp increase of 73.18 per cent, valued at $90.24 million in knitted fabrics imports from India. Bangladesh was the third top destination but a steep contraction in its manufacturing activities resulted in a 30.65 per cent fall and India could just export worth $44.74 million in Jan-Oct. Likewise knitted fabric exports to Ethiopia also grew 15.84 per cent to $19.34 million.
These four markets accommodated approximately 86 per cent of total knitted fabric exports from India during first 10-month period of 2020.