
According to provisional export data, garment exports shrank 3.45 per cent in January to US $ 1.493 billion as opposed to US $ 1.546 billion in the same period the previous year.
In dollar terms, exports have witnessed a contraction in July, August, September and October of 2022, and in January 2023. In rupee terms, however, exports grew by 6.22 per cent in January 2023 from the previous year.
There has been marginal growth in knitwear exports of 09 per cent year-on-year, going from US $ 0.744 billion in January 2022 to US $ 0.751 billion last month.
Total exports for the last 10 months have seen growth, said Narendra Goenka, Chairman of Apparel Export Promotion Council. Exports are expected to revive in another four months even though there is a slowdown now, he added.
Garment exports from April 2022 to January 2023 were worth US $ 13.33 billion, with the total garment exports in 2021-2022 being at US $ 16.01 billion.
Enquiries from brands have improved and knitwear exports from Tirupur are likely to bounce back to pre-Covid levels after April, said Tirupur Exporters Association President K.M. Subramanian.
“The demand is slightly better compared with the last three months in the European market. Yarn prices have reduced to 2021 levels and this is making Indian knitwear competitive,” he further added.
After Christmas, the inventory has reduced in Europe and there is a demand now. Domestic yarn movement has picked up, indicating demand in the textile value chain, he said.