India's apparel exports register double digit dip in Sept 2022

According to official figures, India had exported apparel worth $1,301.03 million in September 2021 and $7,336.9 million in the first half of the last fiscal. Trade experts feel that the current global economic challenges are disrupting India’s export performance. Lower exports are also dampening market sentiments in the entire textile value chain of the country. 

A quick analysis of Confederation of Textile Industry of India (CITI) explained that September 2022 was the third consecutive month when apparel exports remained weak and the first month to see exports hit by a double-digit drop. The exports declined by 0.6 per cent in July and 0.3 per cent in August 2022 on a month-on-month (MoM) basis. 

Textiles exports including cotton yarn, fabric, made ups, and handloom products recorded a negative growth in September 2022 which was the fifth month in a row when the downward trend continued. Not only are the exports declining but the drop is also widening. September exports dropped 41.4 per cent to $767.5 million from $1,310.5 million in September 2021. Therefore, total exports were down 21.1 per cent to $5,757.6 million in April-September 2022 from $7,292.8 million of the corresponding period of the last fiscal. India had achieved a growth of 8.9 per cent in April, the only month in this fiscal to witness a positive trend. 

Fibre2Fashion News Desk (KUL)