Textiles and apparel exports declined by 1.9% and 17.37% respectively in July this year as compared to the same period last year.
Cumulative exports of textiles and apparel declined by 13.74% year-on-year for the period April-July 2023.
Data shared by the Confederation of Indian Textile Industry (CITI) showed that cotton yarn, fabric and made-ups registered a growth of 6.62% ($1,009 million) in July 2023 as compared to July 2022 ($946.48 million). However, negative growth was registered in shipments of man-made yarn, fabric & made-ups, jute products, carpets, handicrafts and apparel items.
A total of $1,663 million worth of textile products were shipped last month, compared to $1,695 million worth in the previous July. Apparel exports stood at $1,381 million in July 2022 and $1,141 million in the previous month.
Sanjay Jain, president of the Indian Chamber of Commerce on the textile industry and managing director of TT Ltd, said apparel exports have been at a "sustained low" for over a year. In terms of volume, the decline was sharp. In the US market, retailers are clearing stocks and demand is expected to pick up again. "Inquiries are being taken for the clothing for spring/summer 2024, with shipments to begin early next year." Cotton yarn exports usually peak in September-October. “India is expecting a good cotton crop in the next season. If cotton prices remain competitive, exports will revive,” he said.
Siddhartha Rajagopal, executive director, Cotton Textiles Export Promotion Council, said, “With respect to cotton textile exports, the mood is cautiously optimistic. Demand from China is looking up and if Indian cotton prices remain reasonable, yarn and fabric exports will pick up. India's strength lies in cotton textiles and the challenge is to sustain the growth in cotton exports.
Ravi Sam, president of the Southern India Mills Association, said that in the current market conditions, India can regain its competitiveness in cotton textiles only if the import duty on cotton is removed. Indian cotton prices were higher than international prices on Wednesday, 16 August.
Regards
Team Sis
Any query plz call 9111677775
https://wa.me/919111677775
