India's RMG exports up 1.1% to $16.19 bn in FY 2023; down 16% in March

The exports of cotton yarn, fabrics, made-ups, and handloom products declined by 28.45 per cent to $10,946.20 million in 2022-23 from $15,298.02 million in the corresponding period of the previous fiscal. Carpet exports came down by 23.68 per cent to $1,366.08 million from $1,789.89 million in the same period of the last fiscal. Man-made yarn, fabrics and made ups exports went down by 11.86 per cent year-over-year (YoY) to $4,948.88 million from $5,614.63 million in the same period. 

In March 2023, India’s RMG exports decreased by 16.69 per cent to $1,448.30 million from $1,740.60 million. The exports of cotton yarn, fabrics, made-ups, and handloom products declined by 23.89 per cent YoY to $1,024.01 million from $1,345.42 million. Carpet exports fell by 28.45 per cent to $119.97 million in March 2023 from $155.09 million in the same period. Man-made yarn, fabrics and made ups exports came down by 9.58 per cent to $476.62 million from $527.13 million in the same period. 

India’s import of textile yarn fabric and made-up articles increased by 26.74 per cent to $2,617.79 million in fiscal 2022-23 against $2,065.45 million in the corresponding period of the previous fiscal. The inbound shipment of cotton raw and waste jumped 157.09 per cent to $1,438.52 million from $559.55 million. In the last month of fiscal 2022-23, the import of textile yarn fabric, made-up articles went up by 11.71 per cent to $183.38 million from $164.16 million of March 2022. The import of cotton raw and waste decreased 11.31 per cent to $52.99 million in March 2023. 

India’s overall exports touched new heights to reach $770.18 billion, registering a growth of 13.84 per cent year-on-year. Merchandise exports registered highest ever annual exports of $447.46 billion, at a growth of 6.03 per cent. The exports were noted at $422 billion during 2021-22. 

In March 2023, India’s overall exports (merchandise and services combined) decreased by 7.53 per cent to $66.14 billion. The country’s overall imports in March 2023 slipped 7.98 per cent to 72.18 billion over the imports of March 2022. 

ALCHEMPro News Desk (KUL)