Indian textile exports down 41% in Oct 2022 due to global slowdown

High inflation across the developed world has reduced consumers’ purchasing capacity, which is the main cause of slowdown in textiles and apparel exports. Developing countries including India are facing serious challenges in textiles exports. 

Textile exports dropped to $1,298.34 million in October 2022 compared to $2,220.39 million in October 2021. Exports of cotton yarn, fabrics, made-ups, handloom products etc declined to $719.03 million in October this year from $1,335.97 million in October last year. Shipment of manmade yarn, fabrics, made ups, etc declined from $468.69 million to $350.56 million, and carpet exports decreased to $107.13 million from $173.19 million, India’s ministry of commerce and industry said in a press release. 

As per the latest data, exports of apparel were down 21.16 per cent to $988.72 million in October this year from $1,254.13 million in the same period of last year. Cumulative exports of textiles and apparel during Oct 2022 registered a fall of 34.18 per cent as compared to October 2021. 

During April-October 2022, textile exports registered a YoY decline of 20.78 per cent to $11,348.46 million. However, apparel exports witnessed a growth of 6.67 per cent to reach $9,160.89 million during the same period. Cumulative exports of textiles and apparel during the first seven months of the current fiscal (April- March) were down 10.49 per cent to $20,510 million. Share of textiles and apparel in India’s total merchandise exports declined to 7.68 per cent in October 2022 as compared to 9.72 per cent in October 2021. 

The imports of various raw materials also increased in October. Imports of cotton raw and waste increased by 351.67 per cent to $172.13 million in October this year from $38.11 million in the same period of last year. Inbound shipment of textile yarn, fabric and made-ups grew 4.13 per cent to $207.71 million from $199.48 million in the same period. 

During April-October 2022, imports of cotton raw and waste increased by 273.72 per cent to $1,253.3 million over $335.36 million in the same period of last year. Imports of textile yarn, fabric and made-ups increased from $1,096.57 million to $1,623.42 million during the period under review. 

Fibre2Fashion News Desk (KUL)