India's textile & apparel exports decline 6.67% in Apr-Oct 2023

According to an analysis by the Confederation of Indian Textile Industry (CITI) based on trade date from the ministry of commerce and industry, textile exports eased 0.41 per cent to $11,525.94 million in April-October 2023 compared to $11,572.94 million in the same period of the last fiscal. Apparel shipment noted a steep fall of 14.58 per cent to $7,825.21 million from $9,160.35 million in the comparable period of the previous fiscal.

Total shipment value of textile and apparel was 7.90 per cent of India’s total merchandise exports of $244.999 billion in April-October 2023. In textiles, the shipment of cotton yarn, fabric, made-ups, handloom products etc was valued at $6,877.01 million, which was 5.65 per cent higher than last year’s shipment of $6,509.51 million. The exports of man-made yarn, fabric, made ups etc fell 7.24 per cent to $2,724.29 million from $2,936.96 million in April-October 2022.

During the month of October 2023, textile and apparel export grew 10.44 per cent to $2,552.15 million from $2,310.94 million. While export of textiles jumped 24.29 per cent to $1,643.36 million, the shipment of apparel slipped 8.08 per cent to $908.79 million. The export of cotton yarn, fabric, made ups, handloom products etc jumped $36.49 per cent to $977.24 million in October 2023 from $715.96 million of same period last year. Man-made yarn, fabric, made ups exports rose 10.23 per cent to $388.02 million from $352.02 million in October 2022.

CITI’s analysis shows that the export of textile and apparel declined 15.55 per cent in the first seven months of this fiscal in comparison to corresponding period of 2021. The shipment of apparel declined 8.88 per cent, and textiles 19.55 per cent, compared to 2021.

India’s import of raw cotton and waste fell 65.07 per cent to $437.88 million in April-October 2023 from $1,253.57 million of same period of last fiscal. The inbound shipment of textile yarn, fabric and made-ups declined 16.61 per cent to $1,353.11 million from $1,622.59 million. During October 2023, cotton import fell 78.69 per cent to $36.68 million while import of textile yarn, fabric and made-ups gained 3.89 per cent and rose to $215.69 million.

ALCHEMPro News Desk (KUL)