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. Customs data shows that from 2022 to 2023, exports of textiles and clothing decreased by 13.9% compared to the previous year.

Customs data shows that from 2021 to 2022, India's total exports of textiles and clothing were 41.3 billion US dollars, accounting for 9.79% of the total merchandise exports. According to customs data, however, from 2022 to 2023, the total export volume of this sector was $35.5 billion, 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. At the same time, 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, but in March 2023, India's cotton textile exports exceeded $1 billion. 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.