According to data given by the department of commerce under India’s ministry of commerce and industry, readymade garment exports (RMG) of all textiles climbed by 3.28 percent to $14,742 million in the first eleven months of fiscal 2022-23 (FY23, April 2022 to February 2023). RMG exports were estimated to be worth $14.274 million over the same time period the year before.
During April to February 2023, the exports of cotton yarn, textiles, made-ups, and handloom items fell by 28.89% to $9,922.12 million from $13,952.60 million in the same period of the preceding year. The value of carpet exports decreased by 23.22 percent, from $1,634.80 million in the same time of the previous fiscal to $1,255.12 million. Exports of synthetic yarn, textiles, and apparel rose. a decrease of $5,087.50 million, or 12.53 percent, year over year (YoY), to $4,472.24 million.
India’s RMG exports fell by 12.09 percent in February 2023 from $1,600.54 million in February 2022 to $1,406.99 million. To $876.70 million from $1,259.85 million, cotton yarn, textiles, made-ups, and handloom items saw a 30.41 percent YoY fall. From $130.55 million in February 2022 to $98.95 million in February 2023, carpet exports decreased by 23.22 percent. Exports of man-made yarn, textiles, and made-ups decreased 17.47% to $397.12 million from $481.20 million during the same time.
The predicted value of India’s total exports (goods and services combined) in February 2023 was $63.02 billion, or 7.81 per cent % more than the cargo during the same time period in 2017. The estimated value of all imports in February was $65.85 billion, 4.38 percent less than at the same time previous year.
India’s total exports (goods and services combined) rose by 16.18% YoY to $702.88 billion from April to February 2022–2023. In comparison to the same period last year, total imports increased by 19.93% to $817.46 billion in the first eleven months of 2022-23.
