Cotton textile exports to cross $1 billion in March 2023; This is an encouraging sign and hope [is that] The momentum will be maintained, says Siddharth Rajagopal, executive director, Cotton Textiles Export Promotion Council Photo credit: Handout
Textile and apparel exports to contract by 13.9% in 2022-2023 as compared to the previous year.
At $41.3 billion in exports in 2021-2022, textiles and apparel made up 9.79% of total merchandise exports. However, in 2022-2023, this segment will record exports of $35.5 billion and constitute only 7.95% of merchandise exports. While apparel exports grew by 1.1% ($16.1 billion) over the previous year ($16.01 billion), textile exports declined by 23.3% to $19.3 billion in the last fiscal.
Meanwhile, imports of yarn, fabrics and made-ups grew by 26.7%.
According to Siddhartha Rajagopal, executive director, Cotton Textiles Export Promotion Council, “It was an extraordinary (bad) year for cotton textiles. However, cotton textile exports crossing $1 billion in March 2023 are promising. This is an encouraging sign and hope [is that] The momentum will continue.”
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Mr Rajagopal said some of the factors affecting exports this year include huge inventories with international buyers and higher cotton prices in India last year. The inventory with buyers had also affected orders to countries like Bangladesh. Now, buyers are resuming sourcing for their needs, he said.
Industry sources here said there should be a stable raw material policy – be it cotton or man-made fibre. He said that there should be no restriction on raw material.
India to accelerate its global apparel exports in 2022-2023 despite Russia-Ukraine war, sluggish demand in major apparel importing countries, stiff competition from other major apparel manufactures, Apparel Export Promotion Council Chairman Naren Goenka said in a press release Is. countries, and the volatility of raw material prices at the beginning of the year.