India’s Minister of Commerce and Industry, Piyush Goyal, and Oman’s Minister of Commerce, Industry, and Investment Promotion, Qais bin Mohammed Al Yousef, had a positive discussion in the session held in Oman in the recent past. The two Ministers also exchanged views on a bilateral India-Oman Comprehensive Economic Partnership Agreement (CEPA), which is at an advanced stage of negotiations. Both Ministers agreed to expedite the discussions for an early signing of the CEPA, which will be a new milestone in bilateral trade relations and has the potential to significantly scale up two-way trade and investments.
According to Fibre2Fashion's market insight tool TexPro, India’s apparel exports to the Gulf nation could not breach pre-COVID levels. The shipment was recorded at $102.242 million in 2019. The exports dipped to $64.901 million in the COVID year 2020. It recovered to $96.338 million in 2021. However, India’s shipments to the nation declined in 2022 and 2023. It fell to $68.533 million in 2022 and $65.107 million in 2023.
India also exported fabric worth $12.515 million in the first 10 months of 2024, compared to shipments of $14.756 million in 2023. The shipment was recorded at $14.802 million in 2019, which increased to $17.270 million in 2020 and $24.104 million in 2021. However, trade declined to $19.771 million in 2022, as per TexPro.
Similarly, India’s exports of home textiles also remained range-bound. It was recorded at $8.980 million in January–October 2024. Earlier, it was noted at $10.125 million in 2023, $10.647 million in 2022, $12.268 million in 2021, $9.484 million in 2020, and $8.968 million in 2019.
ALCHEMPro News Desk (KUL)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!