India’s apparel exports are likely to decline by five% during the first quarter (April-June) of the current financial year. This is because of the global economic slowdown and uncertainty over recovery.
Apparel export was $4 billion in the same quarter of 2015; for all of 2015-16, it was $16.5 bn. This year’s target is $20 bn.
Britian’s vote to exit the European Union is thought unlikely to affect India’s apparel export short-term. There may be some impact in the long term.
Europe took 37% of India’s $16.5 bn apparel export, with the UK taking 42% of Europe’s contribution.