– Cotton textile and garment exporters in India anticipate an 8-10% increase in outbound shipments in the coming months due to the holiday season in developed markets being expected to bring relief, even as apparel exports continue to decline.
– Exporters are looking forward to the Christmas season in the next quarter to alleviate the ongoing slump. The US, the EU and the UK account for approximately 50% of India’s textiles and apparel exports.
– Due to inflation and economic slowdowns, many clients have deferred order placements or requested lower prices, causing the apparel export sector to slump. However, cotton textile exports rose by 6% in July.
– Exports of apparels and garments to practically all destinations have declined in last few months. However in the next few months, both read-made garments and home textiles will see growth, according to exporters.
– Global demand for man-made fibre (MMF) apparel is on the rise, but their share in India’s offering, which is skewed towards cotton, is little. India need not only to diversify India’s export markets, but also rejig the composition of the export basket. Government’s push for man-made fibres through various schemes like PLI , PM MITRA Parks etc. hopefully will help in this endeavour.
