India's textiles and apparel exports declined by 14.36 per cent to $24.719 billion during April-December 2023. The sector could not maintain stability amid a global slowdown, despite a focus on diversifying the Indian product profile. Textiles and apparel's (T&A) share also shrank to 7.80 per cent of India's total merchandise exports in the first three quarters of the current fiscal 2023-24 (April-March).
An analysis of the latest trade data by the Confederation of Textile Industry of India (CITI) revealed that the share of textiles and apparel was 7.84 per cent in the corresponding period of 2022 and 9.78 per cent in the same period of 2021.
The ministry of commerce and trade's latest trade figures showed that T&A exports were $26.378 billion in April-December 2022 and $29.834 billion in April-December 2021. Textile exports increased marginally by 0.29 per cent to $14.578 billion in April-December 2023, up from $14.536 billion in the same period of 2022. Cotton yarn, fabrics, made-ups, and handloom products saw a 6.03 per cent increase to $8.669 billion in the first three quarters of the current fiscal. However, the shipment of man-made yarn, fabrics, and made-ups declined by 6.80 per cent to $3.428 billion, and carpet exports decreased by 1.26 per cent to $1.037 billion in the period.
India's apparel export fell by 14.36 per cent to $10.141 billion in April-December 2023, down from $11.842 billion in the same period of the previous year.
In December 2023, T&A exports decreased by 4.02 per cent to $2.890 billion from $3.011 billion in the corresponding period of 2022. Textile exports rose by 4.25 per cent to $1.595 billion from $1.530 billion in December 2022. Cotton yarn, fabrics, and made-ups exports grew by 8.62 per cent to $937.71 million in December 2023. However, exports of man-made yarn, fabric, and made-ups fell by 3.08 per cent to $374.57 million in the period. Apparel exports from the country declined by 12.56 per cent to $1.295 billion in December 2023 from $1.481 million in December 2022.
According to the latest figures, imports of cotton raw & waste declined by 62.22 per cent to $498.75 million in April-December 2023, down from $1,320.01 million in the same period of 2022. Imports of textile yarn, fabric, and made-ups dropped by 15.21 per cent to $1,746.98 million in the first three quarters of 2023 from $2.060.44 million. During December 2023, imports of cotton raw & waste surged by 67.82 per cent to $29.47 million, while textile yarn, fabric, and made-ups imports decreased by 12.34 per cent to $200.24 million.
ALCHEMPro News Desk (KUL)
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