While clothing exports increased 1.1% last fiscal year ($16.1 billion) over the previous year ($16.01 billion), textile exports decreased 23.3% to $ 19.3 billion. Meanwhile, yarn, textiles, and made-ups imports increased by 26.7%.
"It was an exceptional (bad) year for cotton textiles," said Siddhartha Rajagopal, executive director of the Cotton Textiles Export Promotion Council. However, cotton textile exports will surpass $1 billion in March 2023, giving reason for optimism. It's a positive indicator, and the hope is that the momentum will continue."
Rajagopal stated that two issues affecting shipments this year were the large inventory held by international purchasers and the high cotton prices in India last year. Orders to nations such as Bangladesh had been impacted by the inventories with buyers.
He stated that buyers are now resuming their sourcing for their requirements. According to industry insiders, there should be a consistent raw material policy, whether for cotton or synthetic fibres. They stated that there should be no restrictions on raw materials.
In a press release, Naren Goenka, chairman of the Apparel Export Promotion Council, stated that despite the Russia-Ukraine war, sluggish demand in major garment importing countries, stiff competition from other major apparel manufacturing countries, and volatility in raw material prices at the start of the year, India increased its global apparel exports in 2022-2023.
India's annual textile and apparel exports would increase 41% to $44.4 billion in fiscal 2022. India's annual textile and apparel exports reached at USD 44.4 billion in FY 2022, up 41% from the previous year, according to Minister of State for Textiles Darshana Jardosh on Tuesday.
