In a challenging economic landscape, India’s textile and apparel industry experienced a decline in exports during the first four months of the fiscal year 2023-24 (April-July). According to data released by the Ministry of Commerce and Industry, the sector witnessed a decrease of 13.55% in total shipments, amounting to $10,154.83 million, compared to the same period in the previous fiscal, which stood at $11,746.57 million.
Amidst these fluctuations, a silver lining emerged in the form of cotton exports, which surged by 6.62% in July 2023. The export of cotton yarn, fabric, made-ups, and handloom products reached $1,009.10 million, showcasing the industry’s resilience and adaptability. While cotton products flourished, other segments faced setbacks. Man-made yarn, fabric, and made-ups, which constitute a significant portion of India’s textile exports, experienced a decline of 10.45% to $390.25 million.
Apparel exports, a vital component of the textile sector, observed a decline of 17.37% in July, reflecting the challenges faced by manufacturers. The value of apparel exports dipped to $1,141.17 million from $1,381.14 million, underlining the need for innovative strategies to rejuvenate this crucial aspect of India’s export portfolio.
Overall, India’s exports for April-June 2023 fell by 5.97%, with merchandise exports witnessing a substantial drop of 15.88%. The total export value during this period amounted to $244.15 billion, down from $259.67 billion in the previous year. Similarly, the overall exports in July 2023 faced a decline of 5.04%, totaling $59.43 billion, compared to $62.59 billion in the corresponding period of the previous year.
The textile and apparel industry, a significant contributor to India’s economic growth, continues to navigate through challenging times. As the nation explores avenues to enhance its export potential, the resurgence of cotton exports offers hope for a brighter future. Collaborative efforts between industry stakeholders and policymakers are essential to revitalize this crucial sector and ensure sustained growth in India’s global trade endeavors.