By the way India’s apparel exports rose 1.5% in dollar terms during April–December FY26, according to ICRA records, it has to be mentioned here that while growth in rupee terms was 5.8% due to unprecedented currency softness. Whilst no brainer that exports to the US declined around 6%, mainly because tariff pressures/headwinds impacting demand considerably. 
However, This shortfall was partly cushioned by stronger shipments to Europe and the UAE (on the back of existing FTA which turned out to be fundamental tailwind). 

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Putting contextually in FY25, India’s apparel exports were around $16 billion, merely accounting for nearly 3% of global trade which doesn’t bode well for India’s textile global market share despite of inherent labour cost arbitrage world’s most populous nation enjoys. 
Historically “The US and Europe remain India’s largest markets”. 
Perspective; Globally, apparel trade is estimated at around $550 billion, with recent trends Europe is seeing stronger import growth, while US import volumes declined due to tariff shock and uncertainty surrounding around it.

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Gita Gopinath (First Deputy Managing Director of the IMF) stated that ," A $80 USD oil price will shave 20-30 bps off global growth.
It has to be noted here that current global oil shock only is adding woes to global demand and impeding trade volumes threatening to shave off a notable percentage out of global growth so situation continues to be very precarious as we write.
Credits: This piece of information uses data points from ET dated April 1st, 2026. The content has been “edited in parts” by us.

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