Tirupur: There has been a significant decline in the export of readymade garments in the first quarter (April-June) of the current financial year. According to the statistics released by the Ministry of Commerce, when compared to the export figures for the first quarter of 2022, a decline of 17.72% has been recorded this year. 

As per official statistics, readymade garments worth $369.5 crore (Rs 30,299) were exported from the country between 1 April and 30 June. Comparatively, during the same period last year, export worth $449.2 crores was carried out. 

The export receipts for the months of April, May, and June are $121.1, $123.6, and $124.8 crores respectively. The continuing recession in the U.S. and Europe is the probable cause for this drop, experts say.

During an economic crisis, people cut back on clothes and related expenses. Major garment exporters like Tirupur are expecting a boost in garment exports during the third quarter (October-December) of the financial year with Christmas and New Year coming up. 

However, many industry observers expect the export situation to remain subdued in the second quarter (1 July-30 September).