According to Ministry of Commerce and Industry, India’s apparel imports have plunged 17.26 per cent on Y-o-Y basis to $ 92.81 million in October ’20.
India has experienced a sharp rise of 13.12 per cent in imports from Bangladesh valuing $ 41.20 million, despite total RMG imports falling in the 10th month of 2020, reports Apparel Resources.
The contribution of Bangladesh was 44.39 per cent of total Indian RMG import value and this directly indicates that Bangladesh is still a key import partner for India. In the same month, imports from China plunged by 32.49 per cent on yearly basis to $ 25.04 million, while the third top importing destination Spain fell 26.56 per cent to ship $6.94 million worth of garments to India in October ’20.
As far as cumulative data (January-October ’20 period) is concerned, India nosedived by 26.50 per cent in its garment imports value which stood at $714.71 million as compared to $ 972.35 million in the same period of 2019. Bangladesh too fell by 30.90 per cent in its RMG shipment to India in the first 10-month period of 2020 and valued $ 231.17 million.