According to the latest figures released by the ministry of commerce and industry, textile and apparel exports reduced to $15.691 billion in April-August 2022 from $15.989 billion during the same period of last year. However, apparel exports grew by 17.78 per cent to $7.105 billion because of better performance in the previous months of this fiscal. 

Indian yarn market and the entire value chain are witnessing a slower demand, which is visible in the latest export figures. India’s August 2022 exports of textiles and apparel (T&A) declined due to volatility in the global market. Outbound shipment of T&A slipped by 1.86 per cent to $15.691 billion during the first 5 months of current fiscal 2022-23.

India’s exports of cotton yarn, fabrics, made-ups, handloom products etc fell by 16.57 per cent to $4.992 billion in April-August 2022 from $5.984 billion during the corresponding period of last year. Man-made yarn, fabrics and made-ups exports slipped from $2.231 billion to $2.185 billion during the period under review. The exports of carpets fell by 15.40 per cent to $604.03 million. Handicrafts (excluding handmade carpets) exports also eased by 29.36 per cent to $592.33 million in the first five months of current fiscal compared to $838.53 million in April-August 2021. Total textile exports fell 13.76 per cent to $8.586 billion from $9.586 billion. 

The exports of all the products in the textile segment registered a decline in the month of August. Export figures indicate that international trade, especially of discretionary products like garments and home textiles, is facing a slower demand. 

In the post-pandemic era, the global economy is facing challenges such as the Russia-Ukraine war, which has disrupted global trade and supplies of not only textiles and apparel but also food grains and many other important commodities. Experts feel that high inflation all over the world has left the consumers without money for discretionary expenditure, which in turn has dried up demand for many consumer items including textiles. 

Not only India, but many other textile exporting countries are witnessing a decline in outbound shipments of apparel and textiles, which could be a sign of global recession. 

Fibre2Fashion News Desk (KUL)