The start of FY ’23 hasn’t been positive for Indian denim mills.
As per latest statistics released by Ministry of Commerce and Industry (India), the overall denim fabrics shipment valued US $ 223.74 million in April-August period, as compared to US $ 259.28 million revenues earned from exports in the same period last fiscal year.
The data says there is a clear decline of 13.71 per cent on yearly basis.
Out of total exports, cotton denim fabrics constituted around US $ 132.24 million (down 15.43 per cent), whereas poly-cotton (blend) denim fabrics contributed US $ 91.50 million (down 11.10 per cent).
Bangladesh – top export destination for Indian denim mills – has restricted denim fabric (both cotton and poly-cotton denim) sourcing from India during the mentioned period.
The shipment of denim fabrics to the neighbouring country valued US $ 87.74 million in April-August period of FY ’23, noting 6.13 per cent decline on yearly basis.
The de-growth can be attributed to less orders that denim manufacturing companies are receiving amidst rising inflation in the western countries as well as due to piled-up inventories in retail stores.
