India’s textile exports dropped by 30.11 per cent to $1,405 million in November 2022 compared to $2,010.41 million in November 2021. Exports of cotton yarn, fabrics, made-ups, handloom products etc declined to $803.17 million in November this year from $1,226.69 million in November last year. Shipment of manmade yarn, fabrics, made ups, etc declined from $432 million to $355.37 million, and carpet exports decreased to $115.06 million from $148.68 million, according to an analysis of Confederation of Indian Textile Industry (CITI) based on the data released by Directorate General of Commercial Intelligence and Statistics (DGCI&S), ministry of commerce.
After a continued decline in previous months, India’s apparel exports rose 11.70 per cent year on year (YoY) in November 2022 to reach $1,198.09 million. However, the shipment of textiles stayed in the negative zone in November. Cumulative exports of textiles and apparel for the period between April and November 2022 also noted a declining trend.
Cumulative exports of textiles and apparel during November 2022 registered a fall of 15.57 per cent as compared to November 2021. The shipment came down from $3,083.05 million to $2,603.09 million in the period under review, as per the data.
During April-November 2022, textile exports registered a YoY decline of 21.93 per cent to $12,754.27 million, while apparel exports witnessed a growth of 7.22 per cent to reach $10,358.36 million. Cumulative exports of textiles and apparel during the first eight months of the current fiscal (April-March) were down 11.10 per cent to $23,112.63 million. Share of textiles and apparel in India’s total merchandise exports declined to 8.14 per cent in November 2022 as compared to 9.70 per cent in November 2021.
Global economic slowdown has hit Indian textiles and apparel exports during the last couple of months. But the recovery in shipment of garments indicates a sign of some respite to the Indian textile industry. High inflation across the developed world has reduced consumers’ purchasing capacity, which is the main cause of slowdown in the textile sector. Developing countries including India are facing serious challenges in textile exports.
Fibre2Fashion News Desk (KUL)