10 July 2014
India's apparel exports tremendously surged in last fiscal year (April 13 - March 14), according to just released data, below available in volume and value terms (Rupees and US$). Shipments experienced a double-digit surge to nearly all destinations whereas results were radically different depending on product categories. We below release a series of tables with historical records, market destinations, and HS-4 digit categories. Volume,value and unit value (USD, INR) changes are available. Comprehensive spreadsheet files can easily be downwloaded.
Indian apparel exporters have enjoyed a glorious fiscal year in 2013-14 (April-March), according to latest available data.
Total apparel exports have jumped from US$13 billion in the previous year up to US15 billion, a surge of 15.7% in US$ terms.
Knit apparel exports of HS chapter 61 have increased by nearly 20% whereas woven apparel exports (HS 62) "only" rose 12.6% in US$ terms.
This is in sharp contrast with the decline experienced in the previous fiscal year of 2012-13 when total apparel exports had fallen 5.6%.
In 2013-14, shipments more sharply rose to the United Arab Emirates (UAE), due to its enhanced role of trading hub from where products are re-exported.
The UAE was the third largest market in value terms, only after the US (+10.6%) and the U.K. (+11%).
Exports to the French, Italian and German markets more significantly rose than average with their share of total exports therefore rising.
The surge in sales in US$ terms was mostly due to a sharp decline of the rupee from a year earlier.
Apparel exports more strongly increased in rupee terms, as a result, enjoying a surge of 28.7% in the last fiscal year.
Even in volume terms, the growth in exports reached an amazing level of 27.2%.
In addition to a lower currency value, Indian exporters may have benefited from the surge in labor costs in China and from the security issues in Bangladesh.
Average unit price fell 9% in US$ terms while rising 1.2% in rupee terms.
With the volume exports supplied by statistical office DGCI&S in pieces (and not in kilos), falling unit values may reflect a large increase of the number of pieces being shipped to foreign products and not only a real decline of prices.