More than half of India’s knitwear exports come from the Tirupur cluster, Asia’s largest textile export centre, and have been impacted by the downturn in its important markets including the US and the European Union (EU). Industry sources reported that the export markets are still boring and have few new orders, but they expressed optimism that by June or July, as the height of the consumer season approaches, the markets may return to normal.
According to preliminary data, Tirupur’s knitwear exports increased merely 2.5% to ‘34,350 crore in FY23, which is lower than both the country’s overall knitwear export growth for the year of 3.76% as well as the historical pattern, with the exception of the pandemic period.In FY23, India exported 63,239 crore worth of knitwear.
