Slowdown woes continue to affect the Eurozone and the crisis has negatively hit apparel exports the most. While the US is showing marginal recovery, orders from Europe have gone down significantly. Orders from Italy and Spain have almost become nil and could reduce India's total apparel exports by 15 per cent. Indian textile exports are considered to be around $25 billion. Of this, apparel alone contributes $11 billion (Rs 58,597 crores) and the rest $14 billion (Rs 74,578 crores) comprises yarn, fabric and made-ups. Fabric export is expected to be down by 5 per cent in the current fiscal.
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