India's apparel exports decline by nearly 4% in year of GST

Backed by its duty-free access to the EU market, Bangladesh retains its status as the second-largest apparel exporter after China

In the first year of implementation of the goods and services tax (GST), India’s apparel or readymade garment (RMG) exports have declined by nearly four per cent in dollar terms in FY18. In rupee terms, the decline is higher at 7.6 per cent.

RMG exports fell from $17.4 billion in FY17 to $16.71 billion in FY18, a 3.8 per cent decline.

Fall in RMG exports happened due to continual month-on-month (MoM) decline in dollar terms, beginning from a 39.30 per cent fall in October 2017 and ending at 17.8 per cent in March 2018. In the latter month alone, India’s RMG export