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Date: 25/07/2024

Garment export dips 

India’s garment exports in 2023-24, at $14.5 billion, were lower and it is not competition in world markets but lack of access to quality raw materials, particularly synthetic fabrics, that has led to negative growth, according to a report by Global Trade Research Initiative (GTRI), a trade policy think tank.  High import duties on fabrics, complex Customs and other regulations force the industry to rely on domestic manufacturing which is concentrated, leading to an increase in costs. This makes Indian garments overpriced and unappealing to global suppliers who prefer specific fabric sources. Exporters need to import fabric to meet buyer specifications but Quality Control Orders (QCOs) complicate these imports, pushing exporters to locally produced fabrics which may not meet specifications and are expensive too, as per the report.
 
source: Exim News Service: New Delhi, July 24



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