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Apparel exports fall 7.2 percent in August

New Delhi,Business/Economy, Fri, 05 Oct 2012 IANS

New Delhi, Oct 5 (IANS) India's apparel exports dropped 7.2 percent to $989 million in August due to weak demand in the US and Europe, industry data showed Friday.

Exports in the first five months of the current financial year fell 12.16 percent to $5.26 billion, according to the Apparel Export Promotion Council (AEPC).

"Weak recovery in EU and the US has reduced the purchasing power of the people in these markets leading to the shortfall in the overall demand," A. Sakthivel, chairman of AEPC, said in a statement.

Sakthivel urged the government to sign the free trade agreement with the European Union as soon as possible, saying it would help boost India's exports and benefit the textiles industry.

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