Apparel exports logged double-digit growth in September, which indicates the segment is on course to a V-shaped recovery, apparel exporters’ body AEPC on Saturday said.
According to a PTI report: Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said apparel exports rose for the first time this fiscal in September and the steep recovery from 90 percent fall in April to 10 percent rise last month “corroborates our belief that the apparel sector is already on the path of V-shaped recovery”.
He added that steps taken by the government are helping the sector to deal with the problems related to the COVID-19 pandemic.
Exports saw a growth of 10.2 percent in September 2020 to US$ 1.2 billion as compared with US$ 1.079 billion in the same month a year ago.
“The impact of pandemic on apparel exports had been severe. However, we believe this turnaround with a positive growth of more than 10 per cent will only increase as we go forward in the second half of the fiscal,” he was further quoted by PTI as saying.
Sakthivel said the negative growth trend has been arrested after several months and a lot of lost ground will be captured in the second half of the fiscal.