After witnessing deceleration in textile exports during FY2020-21 due to disruption in the supply chain and demand caused by pandemic, India has showed signs of recovery in the first 9 months of FY ’22.
During April-December 2021, the total textile and apparel exports, including handicrafts, clocked US $ 29.80 billion as compared to US $ 21.2 billion in the same period last year.
The combined exports increased by 40.56 per cent on Y-o-Y basis. Even as compared to pre-pandemic period April-December 2019, export for textile sector (Textiles & Apparel including Handicrafts) increased by 14.60% in April-December 2021.
Textiles exhibited an increase in export by 31 per cent, and cotton yarn/fabrics/made-ups, handloom products, etc., exhibited an increase of 43 per cent.
On the other hand, as per data released by the Ministry of Textiles, jute products increased by 33 per cent from April-December 2021 as compared to the corresponding period of the last year.
It’s worth noting here that the Government has set the target of US $ 44 billion for textiles and apparels including handicrafts and, till December, over 68 per cent target has already been achieved.
The last quarter of the financial year always turns out to be more profitable than the earlier quarters hence predictions are there that targets will be duly met.