Futures tip, Apparel export falls 10% in November
Apparel export fell in November by 10 percent in dollar terms and nearly 14 percent in rupee terms, as against November 2016.
Export of ready-made garments (RMG) was $1,036 million, down almost 10 percent from a year before. In rupee terms, export was Rs 6,719 crore, from Rs 7,783 crore in November 2016, down 13.7 percent.
The Apparel Export Promotion Council (AEPC) has attributed the fall to a cut in duty drawback rates and in the Rebate on State Levies (ROSL) scheme that the industry had before the rollout of the Goods and Services Tax (GST); also, sustained rise of the rupee against the dollar in recent months.
“We have been requesting the government the restore the duty drawback to the pre-GST era. Competing nations are also benefiting from free trade agreements with European countries, which we have been asking the government to expedite, too,” said Ashok Rajani, chairman of AEPC.
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