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India's RMG exports up 3.28% to $14.74 bn in Apr-Feb FY23

16 Mar '23
2 min read
Pic: Shutterstock.com
Pic: Shutterstock.com

India’s exports of readymade garment (RMG) of all textiles increased by 3.28 per cent to $14,742 million in the first eleven months of fiscal 2022-23 (FY23, April 2022 to February 2023), as per the data released by the department of commerce under India’s ministry of commerce and industry. RMG exports were noted at $14.274 million in the same period of the previous year. 

The exports of cotton yarn, fabrics, made-ups, and handloom products declined by 28.89 per cent to $9,922.12 million in April-February 2023 from $13,952.60 million in the corresponding period of the previous fiscal. Carpet exports came down by 23.22 per cent to $1,255.12 million from $1,634.80 million in the same period of the last fiscal. Man-made yarn, fabrics and made ups exports went down by 12.53 per cent year-over-year (YoY) to $4,472.24 million from $5,087.50 million in the same period. 

In the month of February 2023, India’s RMG exports decreased by 12.09 per cent to $1,406.99 million from $1,600.54 million in February 2022. The exports of cotton yarn, fabrics, made-ups, and handloom products declined by 30.41 per cent YoY to $876.70 million from $1,259.85 million. Carpet exports fell by 23.22 per cent to $98.95 million in February 2023 from $130.55 million in the same period. Man-made yarn, fabrics and made ups exports came down by 17.47 per cent to $397.12 million from $481.20 million in the same period. 

India’s overall exports (merchandise and services combined) in February 2023 are estimated to be $63.02 billion, which were 7.81 per cent higher than the shipment in the same period of last year. Overall imports in February were estimated at $65.85 billion, which was 4.38 per cent lower than the same period of last year. 

India’s overall exports (merchandise and services combined) in April-February 2022-23 increased 16.18 per cent YoY to $702.88 billion. Total imports in the first eleven months of 2022-23 grew by 19.93 per cent to $817.46 billion from the corresponding period of last year. 

Fibre2Fashion News Desk (KUL)

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