Exports of textiles and clothing fell 12.2% year over year in May as the industry continued to experience weak demand in many of its major foreign markets, notably the United States.
Exports of garments decreased 12.7% and those of textiles down 11.8% from the same time last year. Handicrafts and handmade carpets declined 21.1%, while jute products fell 29.3%.
India’s exports of textiles and apparel totaled $2,816 million last month (as opposed to $3,206 million in May 2022), and its percentage of global commodity exports fell to 8.05% from 8.22% a year earlier.
According to Siddhartha Rajagopal, Executive Director of Cotton Textiles Export Promotion Council, the ongoing drop in textile and apparel exports is a major cause for concern.
According to information from the Confederation of Indian Textile Industry, exports of textiles and clothing decreased by 19.3% in March and 21.7% in April.
“The main reason is the sluggish demand in major importing countries including the U.S., Germany, and the U.K. on account of inflation and also piled up inventory,” Mr. Rajagopal noted. “Trade data, however, indicate that the situation is likely to get better moving forward as exporters are steadily but gradually receiving orders for the delivery of goods. There are predictions of good economic opportunities, particularly for yarn and fabrics, with China also opening up after COVID. “Hopes for higher sales starting in July/August are being raised by the moderating domestic cotton prices,” he added.
