The Russia-Ukraine war, rising living expenses in Europe, and the economic crisis have all had an impact on Punjab’s exports of wool clothing, such as stoles and shawls, to the United States, Canada, and Europe.
The export of these goods, which fall under the ready-made clothing category, decreased from US $ 121 million in 2014–15 to US $ 90 million this fiscal year. Compared to Punjab, where Ludhiana and Amritsar are important manufacturing centres, this shows a roughly 40 per cent reduction. US $ 60.43 million was exported in 2022–2023. Shawl producers reported that while exports did increase in a few years, the tendency is now declining over the long term. This has forced some of these cities’ largest shawl producers to expand into the production of knitwear, sarees, and outfits.
Due to longer shipping routes, the war between Israel and its neighbours has prolonged the time it takes to travel by sea to Europe. Piyush Goyal, the minister of commerce and industry, has emphasised how extended maritime routes across the Cape of Good Hope affect international trade, especially Indian exports.
Major consumers of stoles made in Amritsar and Ludhiana include the UK, Italy, Australia, France, Germany, the Netherlands, Greece, Sweden, Portugal, and Belgium. They produce approximately US $ 707 million worth of stoles and shawls together, and they export a total of US $ 176 million.
Nearly US $ 58.91 million is the export portion of the US $ 294 million Amritsar shawl business. With an annual revenue of approximately US $ 412 million, including roughly US $ 117 million in exports, Ludhiana continues to lead.
