Affected by the slowdown in the #global economy and the decline in #global trade, the #Indian textile and apparel industry# is facing a severe blow. The industry relies heavily on developed economies such as the US and EU markets, and exports to these regions have continued to decline since July 2022.
According to the Ministry of Industry and Commerce of India, India’s exports were worth US$22.33 billion in the first half of 2022#Textiles and Clothing#, but in the second half of the year, exports fell to US$16.21 billion, a recession 27.4%. India’s textile and apparel exports to the United States were US$6.18 billion from January to June 2022, declining 23.94% to US$4.7 billion from July to December. Similarly, in the second half of 2022, India’s exports to the EU reached US$3.29 billion, a decrease of 24.54% from US$4.36 billion in the first half of the year. Exports to these regions have been declining since July 2022, with only slight increases in November and December, possibly due to the holiday season.
#India Textiles and Clothing Exports# The slump is expected to last until 2023, raising the possibility of layoffs in an industry that employs more than 45 million people.
