The textile sector has continuously maintained a trade surplus with exports manifold higher than imports. In FY 2020-21 there was a deceleration in textile exports due to pandemic disrupting the supply chain and demand. The Indian Textile sector registered an increase of 41 % in the first three quarters of the financial year 2021-22 compared to the corresponding quarters of financial 2020-21, claimed the Ministry of Textiles.
The textile sector has continuously maintained a trade surplus with exports manifold higher than imports. In FY 2020-21 there was a deceleration in textile exports due to pandemic disrupting the supply chain and demand. The Ministry claimed here on Wednesday that the signs of recovery are visible in 2021-22.
“During April-December, 2021 the total Textiles and Apparel including Handicrafts exports was US$ 29.8 billion as compared to US$ 21.2 billion for the same period last year,”. It implies robust growth of approximately 41% over last year. Even compared to the pre-pandemic year (the fiscal year 2019-20), exports for the textile sector increased by 14.6% from April- December 2021 as compared to April-December 2019.
“The sector has exhibited an increase in exports of 31%, Cotton Yarn/ Fabrics/ Made-ups, Handloom products, etc. exhibited an increase of 43% and Jute products exhibited an increase of 33% from April- December 2021 as compared to April-December, 2019,”. The government has set the target of $44 billion for Textiles & Apparel including Handicrafts and approximately 68% of the annual target has already been achieved. The last quarter of FY always has higher activity than the earlier quarters. “Hence industry is hopeful that targets will be duly met,”.
