According to the newspaper, Goyal added, “Textile exports have a dual difficulty. Following the Ukraine conflict, many nations are experiencing foreign exchange issues, which has caused many countries to reduce non-essential imports.
He gave examples of Indian shipments returning from Egypt because the African country lacked the foreign currency to pay for them. According to him, many nations do not accept non-essential commodities from abroad.
Another reason, according to Piyush Goyal, who also holds the position of Minister of Trade and Industry, was the significant amount of pent-up demand following the Covid scandal. People were reportedly buying large quantities of goods like textiles, jewels, and jewellery.
“I have routinely interacted with export promotion committees, and the most recent According to information, most stockpiles have now been used up, and economies are beginning to rebound. In response to a query regarding the cause of the decline in textile exports, Goyal stated, “I think the world has kind of learned to cope with the challenges and crisis…and the data also seem to imply that the exports are up again.
He cited inflation as the cause of the decline in cotton and yarn exports, noting that those shipments were at an all-time high in 2017. The exports of cotton and yarn fell this year as a result of global issues. We want to see it rekindle as well starting on April 1, he continued.
Sales of all textiles, including ready-made clothing, decreased by about 3.5% in January. $1,5 billion and above. Yet, it increased by 5.22 percent to $13.4 billion from April through January of this fiscal year. According to the data, exports of cotton yarn, textiles, made-ups, and handloom goods decreased by 28.7% to $9 billion from April through January of this fiscal year.