Apparel / Textiles & Accessories

According to customs data, India's textile and clothing industry contributed 7.95% to commodity exports in the fiscal year 2022/23, compared to 9.8% in the fiscal year 2021/22. From 2022 to 2023, exports of textiles and clothing decreased by 13.9% compared to the previous year.

From 2021 to 2022, India's total exports of textiles and clothing amounted to $41.3 billion, accounting for 9.79% of the total merchandise exports. However, according to customs data, from 2022 to 2023, the total export volume of the department was 35.5 billion US dollars, accounting for only 7.95% of commodity exports.

Customs data shows that in the fiscal year 2022/23, Indian clothing exports ($16.11 billion) increased by 1.1% compared to the previous year ($16.01 billion), while textile exports decreased by 23.3% to $19.3 billion. Meanwhile, customs data shows that imports of yarn, fabrics, and cosmetics increased by 26.7%.

Sidata Rajagopal, Executive Director of the Indian Cotton Textile Export Promotion Committee, said that India's cotton textile exports have had a bad year, with customs data showing that India's cotton textile exports exceeded $1 billion in March 2023. Several factors affecting India's cotton textile exports are: high inventory of international buyers and high cotton prices in India last year. The buyer's inventory also affects orders to countries such as Bangladesh. The buyer is now restoring demand.

Naren Goenka, chairman of the Indian Garment Export Promotion Committee, said that despite the impact of the Russia-Ukraine conflict, weak demand from major garment importing countries, fierce competition from other countries and sharp fluctuations in raw material prices at the beginning of the year, India's garment exports will continue to grow from 2022 to 2023.