India aims for 75% surge in manmade fibre textile exports by 2030

India aims to increase its exports of textiles made of manmade fibre (MMF) by 75 per cent by 2030. The government has set a target of $11.4 billion for MMF textile exports by 2030, compared to $6.5 billion noted during fiscal 2021-22 (April-March). However, the exports of MMF apparel and home textiles have shown a downward trend in the last fiscal, according to trade data. 

India is the second-largest producer of MMF after China. MMF finds use not only in home textiles like curtains, drapes, and interior blinds but also in technical textiles and apparel. A government official highlighted that technical textiles represent a burgeoning sector and signify the future of the MMF industry. These products are expected to drive growth in the textile industry. 

Last year, the government set an ambitious target of $11.4 billion for 2030. The official stated that this target was ambitious for the MMF segments. Globally, MMF dominates with a 72 per cent share, while natural fibres account for 28 per cent. The share of MMF has steadily increased due to limitations in the growth of cotton and other natural fibres. The industry aims to explore new markets such as Vietnam, Japan, China, and Poland, in addition to existing ones like the US, Turkiye, the UK, and Brazil. Plans are underway to enhance capacities for filament-based woven and knitted fabrics and the processing of man-made filament yarn-based fabrics. 

According to Bhadresh Dodhia, chairman of the Synthetic & Rayon Textiles Export Promotion Council (SRTPC), manmade fibre textiles are environmentally friendly and sustainable as they require less water compared to cotton textiles. MMF textiles are also more affordable, allowing for greater value addition. Dodhia also emphasised that technical textiles, largely made of MMF, will see increased usage due to changing lifestyles and growing concerns for safety and health. 

However, the export performance of MMF textiles from India is not as expected, as it has witnessed a downward trend in the last fiscal, 2022-23. According to data from Fibre2Fashion’s market insight tool TexPro, the export of MMF home textiles declined by 23.78 percent to $1.265 billion during 2022-23 from $1.659 billion in the previous fiscal. The trade experienced a notable surge of 287.45 per cent to $1.092 billion during 2019-20. Subsequently, it saw incremental increases of 9.64 per cent to $1.197 billion in 2020-21 and 38.61 per cent to $1.659 billion in 2021-22. However, the trade declined by 23.78 per cent, totalling $1.265 billion in 2022-23. 

In the first five months (April-August) of the current fiscal 2023-24, the shipment of MMF home textiles fell by 18.18 per cent to $476.901 million from $582.870 million during the same period in the previous fiscal. The export of MMF home textiles accounted for 16.25 per cent of India’s total home textile exports of $2.933 billion in April-August 2023. Contrastingly, during the last fiscal, the share of MMF home textiles was 17.58 per cent of the total home textile exports worth $7.195 billion. 

As per TexPro, the export of MMF apparel declined by 3.49 per cent to $2.961 billion during 2022-23 from $3.069 billion in 2021-22. There was a notable surge of 206.69 per cent to $3.372 billion during 2019-20 over the previous fiscal. However, it experienced a decline of 25.14 per cent, amounting to $2.524 billion in 2020-21. Subsequently, the shipment recovered by 21.57 per cent, reaching $3.069 billion in 2021-22. Nevertheless, the export of MMF garments eased by 3.49 per cent, declining to $2.961 billion in 2022-23. 

During April-August of the current fiscal, the shipment of MMF garments fell by 11.61 per cent to $1,116.890 million from $1,263.599 million during the same period of the previous fiscal. The share of MMF garments accounted for 18.77 per cent of India’s total exports of apparel, which amounted to $5.950 billion in April-August 2023. Additionally, the share of MMF garments constituted 18.36 per cent of the total export value of home textiles, which stood at $16.133 billion. 

ALCHEMPro News Desk (KUL)