When compared to the same month last year, textile and clothing exports fell 1.9% and 17.37%, respectively, in July of this year. For the period of April to July 2023, total textile and apparel exports decreased 13.74% compared to the previous year.
Confederation of Indian Textile Industry (CITI) data revealed a 6.62% increase in the price of cotton yarn, textiles, and made-ups in July 2023 ($1,009 million) compared to July 2022 ($946.48 million). However, there was a decline in the shipment of man-made yarn, fabrics, and made-ups, jute products, carpets, handicrafts, and clothing.
Comparatively to $1,695 million in July of last year, $1,663 million worth of textile products were supplied last month. In July 2022, apparel exports totaled $1,381 million, and $1,141 million in July of last year.
Garment exports have been at a “sustained low” for a year, according to Sanjay Jain, managing director of TT Limited and the chairman on textiles for the Indian Chamber of Commerce. The fall was abrupt when measured in volume. Retailers in the US market are reducing their inventory as demand is predicted to increase. There have been inquiries about clothing for spring/summer 2024, shipments for which will start early in 2019. September through October typically sees a rise in cotton yarn exports. Next season, India anticipates a good cotton crop. Exports will increase if cotton prices stay competitive, he predicted.
