In 2022-2023, India’s textile exports shrank 23.3 per cent, while apparel exports grew 1.1 per cent.
As per reports, in 2021-22, overall with the export of US $ 41.3 billion, textiles and apparel constituted 9.79 per cent of India’s total goods exports, however, in 2022-2023, textile and apparel exports of US $35.5 billion and constituted just 7.95 per cent of goods exports.
Also Read: India’s apparel exports increase by 1.1 per cent in 2022-23
Meanwhile imports of yarn, fabrics and made-ups rose 26.7 per cent.
Huge inventory with international buyers and the high cotton prices last year were major challenges for India.
Siddhartha Rajagopal, ED, Cotton Textiles Export Promotion Council believes that it was an exceptional (bad) year for cotton textiles. However, in March 2023, cotton textile exports crossed US $ 1 billion, which is giving hope. It is an encouraging sign and the hope is that the momentum will be maintained.
It can be mentioned here that India has registered an all-time high in goods and services exports of US $ 770 billion despite global economic uncertainties.
It is being said that the merchandise exports of US $ 447.47 billion have been mainly on account of phenomenal growth in exports of electronic goods, petroleum products coupled with growth in agro and processed food, marine products, leather goods, apparel and pharmaceuticals.
