Union Textiles, Commerce and Industries Minister Piyush Goyal has urged exporters to focus on major markets including to boost exports. He also suggested focusing on organising global fairs and exhibitions.
In a meeting with various Export Promotion Councils (EPCs) and Industry Associations, he discussed ways to enhance global market outreach to give further boost to India’s exports. These issues among others were discussed during a meeting called by the ministry with the industry and exporters.
The meeting assumed significance as the country’s merchandise exports have been contracting for the last four months due to demand slowdown in the global markets.
Along with few other sectors, textiles also hold huge potential to increase the country’s exports
The main global destinations where exports could be promoted further include the US, UK, Saudi Arabia, Sweden, Korea, Japan and Russia.
It is worth mentioning here that India’s apparel exports increased by 1.1 per cent to US $ 16.20 billion in 2022-23 from US $ 16.02 billion in 2021-22. In mid May, due to a lack of international orders, a few apparel exporters in Tirupur and Noida opted to close their manufacturing facilities for a few days to decrease operating costs.
India’s textile and apparel export in April month was down by double digits. As per the official data, the export of textile yarn fabric made-up articles was 17.06 per cent down in April 2023.
