According to media reports, which cited data from the country’s Export Promotion Bureau (EPB), earnings from apparel exports started rebounding, overcoming the impact of the coronavirus pandemic and the earnings in the July-April period of current financial year 2020-21 grew by 6.24 per cent to US $ 26.00 billion even as the reports added apparel exports to the European countries grew by nearly 7 per cent and to the United States by 8.54 per cent in the 10 months of FY21 whereas the earnings in the non-traditional markets registered a minimal 1.15 per cent growth.

This is primarily because of the fact that COVID-19 has taken a heavy toll on the economies of the non-traditional markets, the reports claimed while adding that except South Africa, Australia and Russia, export earnings remained negative in most non-traditional markets even as they underlined that major non-traditional export destinations, including India, Chile, China and Brazil, had suffered heavily due to the pandemic and it would take time to rebound exports to the markets.

Manali bhanushali
Author: Manali bhanushali

Manali Bhanushali