India’s RMG exports feel heat of headwind, mild slippage in July 2022





India’s export of readymade garments (RMG) dipped slightly in July 2022 over the same month of 2021 as exporters faced higher production cost due to costlier cotton and other inputs. They are also getting fewer orders from foreign buyers and global brands. Exports of RMG of all textiles slipped 0.63 per cent to $1380.45 million in July 2022.

The ministry of commerce and industry said in a release that India’s RMG exports were $1389.22 million in July 2021. The exports had increased in previous months over the same period of last year. RMG contributed 3.92 per cent in total merchandise export of July 2022.

India’s export of readymade garments (RMG) dipped slightly in July 2022 over the same month of 2021 as exporters faced higher production cost due to costlier cotton and other inputs. They are also getting fewer orders from foreign buyers and global brands. Exports of RMG of all textiles slipped 0.63 per cent to $1380.45 million in July 2022.

The export of cotton yarn, fabrics and handlooms products, etc continued to show down trend in July 2022. The export declined to $943.50 million in July 2022 which was 28.27 per cent lower than $1315.42 million of July 2021. The export of non-RMG textile products contributed 2.68 per cent in total merchandise export of July 2022.

However, RMG exports from India registered growth of 22.45 per cent year-on-year and reached at $5871.34 million in the first four months of current fiscal 2022-23. The export was $4794.93 million in April-July 2021. The export of RMG contributed 3.75 per cent in the country’s total merchandise export in April-July 2022.

The export of cotton yarn, fabrics and handlooms products, etc declined 12.26 per cent to $4107.66 million in April-July 2022. The export was $4681.56 million during the same period of last year. The export contributed 2.63 per cent in the country’s total merchandise export in April-July 2022.

India has recorded merchandise export of $35.24 billion in July 2022, almost at similar levels of $35.51 billion in July 2021. Merchandise export in April-July 2022-23 was $156.41 billion with an increase of 19.35 per cent over $131.06 billion in April-July 2021-22.

Merchandise import in July 2022 was $66.26 billion, an increase of 43.59 per cent over $46.15 billion in July 2021. Merchandise imports in April-July 2022-23 was $256.43 billion with an increase of 48.12 per cent over $173.12 billion in April-July 2021-22.

Fibre2Fashion News Desk (KUL)





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