India’s textile and clothing contribution to merchandise exports in the 2022/23 fiscal year will be 7.95%, and it will be 9.8% in the 2021/22 fiscal year. Textile and clothing exports in 2022/23 fell by 13.9% compared with the previous year.
India’s textile and clothing exports in 2021/22 totaled US$41.3 billion, accounting for 9.79% of total merchandise exports. However, total exports in 2022/23 are US$35.5 billion, accounting for only 7.95% of merchandise exports.
India’s apparel exports (US$16.11 billion) in the 2022/23 fiscal year increased by 1.1% compared with the previous year (US$16.01 billion), while textile exports fell by 23.3% to US$19.3 billion. . At the same time, imports of yarn, fabrics and cosmetics increased by 26.7%.
Siddatta Rajagopal, executive director of the Indian Cotton Textile Export Promotion Council, said that Indian cotton textile exports have experienced a difficult year, but in 2023 India’s cotton textile exports exceeded US$1 billion in March. Several factors affecting India’s cotton textile exports are: high inventories of international buyers and high cotton prices in India last year.
Naren Goenka, Chairman of the Indian Garment Export Promotion Council, said that despite the impact of the Russia-Ukraine conflict, weak demand from major apparel importing countries, fierce competition from other countries, and sharp fluctuations in raw material prices at the beginning of the year Impact, but India’s apparel exports will still maintain growth in 2022/23.
