In fiscal 2022–23 (April 2022–March 2023), readymade garment (RMG) exports from India climbed by 1.10 percent to $16,191.47 million. This is according to data given by the department of commerce within India’s ministry of commerce and industry. The value of RMG exports was $16,014.84 million during the same time period the year prior.
From $15,298.02 million in the same time of the previous fiscal year, the exports of cotton yarn, textiles, made-ups, and handloom items decreased by 28.45% to $10,946.20 million in 2022–23. The value of carpet exports decreased by 23.68%, from $1,789.89 million in the same time of the previous fiscal to $1,366.08 million. Exports of synthetic yarn, textiles, and manufactured goods decreased by 11.86% YoY. from $5,614.63 million to $4,948.88 million in the same time frame.
India’s RMG exports fell by 16.69% in March 2023, from $1,740.60 million to $1,448.30 million. To $1,024.01 million from $1,345.42 million, cotton yarn, textiles, made-ups, and handloom products saw a 23.89% YoY fall in exports. From $155.09 million in March 2022 to $119.97 million in March 2023, carpet exports decreased by 28.45%. Exports of man-made yarn, textiles, and made-ups decreased by 9.58% to $476.62 million during the same time from $527.13 million.
India imported more textile yarn, fabric, and manufactured goods in fiscal 2022–23 than it did in the same period the previous fiscal, rising by 26.74 percent to $2,617.79 million. The inward Shipments of raw and waste cotton increased by 157.09%, from $559.55 million to $1,438.52 million. The import of textile yarn, fabric, and made-up items increased by 11.71% to $183.38 million in the final month of the fiscal 2022–23 year from $164.16 million in March 2022. In March 2023, the value of raw and waste cotton imports fell by 11.31 percent, to $52.99 million.
India’s total exports reached record highs of $770.18 billion, up 13.84 percent from the previous year. With an increase of 6.03 percent, merchandise exports reached their greatest yearly export total ever of $447.46 billion. During 2021–2022, exports were estimated at $422 billion.
India’s total exports—goods and services combined—fell 7.53 percent in March 2023 to $66.14 billion. The nation’s total imports fell 7.98% to 72.18 billion in March 2023 from March 2022 levels.
