Related Keywords: ambiguities relating to GST, fall highest in percentage term, FIEO, financial crunch, garment exports, hit hard in October, order bookings didn’t happen, reduction in duty drawback rates, worst performing export category
Garment exports hit hard in October as order bookings didn’t happen due to the ambiguities relating to GST. The fall is one of the highest in percentage term, the worst performing export category in October, as per the data with the union commerce ministry.
With readymade garment exports plunging 40.7 percent on a year-on-year (yoy) basis to Rs 5,398 crore in October, exporters have blamed the slump on financial crunch due to the delay in getting GST refunds and reduction in duty drawback rates under the new regime.
