According to statistics, India exported US$26.13 billion in textiles and clothing from April to December 2017, a slight increase of 2% year-on-year; however, exports in December were US$2.99 billion, a year-on-year decrease of 3%. India imported US$165 million in textiles in December, an increase of 20.5% from US$137 million in the same period last year.
According to statistics from the Confederation of Indian Textile Industry (CITI), India imported US$111.3 million of ready-made garments from Bangladesh from July to November 2017, an increase of 66% from US$66.9 million in the same period last year. Sanjay Jain, chairman of CITI, said that Bangladesh imports fabrics from China duty-free, and then processes and produces garments for duty-free export to India. The production cost of Bangladesh’s garments is now lower than that of India, giving it a market advantage. According to relevant news, the 2018/19 Indian fiscal budget will be announced on February 1. The first budget session of Parliament will be held from January 29 to February 9, and the second will be held from March 5 to April 6. The final federal budget will be announced by Prime Minister Narendra Modi. As the Indian Budget is approaching, the Ministry of Textiles of India expressed its hope to discuss and solve various problems faced by the domestic textile industry in collaboration with the Ministry of Finance and the Ministry of Commerce.
Since October 2017, India’s apparel exports have declined for three consecutive months. The Indian Apparel Export Promotion Council (AEPC) calls on the government to pay attention to this issue and resolve it reasonably. At present, AEPC has proposed a series of solutions, such as import tax exemption for specific types of fabrics, GST exemption for freight and sample import tax exemption. It is hoped that the government can include it in the fiscal budget to bring benefits to the domestic textile industry. The announcement of India’s new fiscal budget is approaching, and the textile and clothing industry is eagerly awaiting good news
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