Exports of textiles and apparel were down 1.9% and 17.37% respectively in July this year compared with the same period last year.
Cumulative export of textiles and apparel for the April-July 2023 period slid 13.74% year-over-year.
Data shared by Confederation of Indian Textile Industry (CITI) showed that cotton yarn, fabrics, and made-ups registered 6.62% growth in July 2023 ($1,009 mn) as against July 2022 ($946.48 mn).
However, shipment of manmade yarn, fabrics, and made-ups, jute products, carpets, handicrafts, and apparel items registered negative growth.
Textile products worth a total of $1,663 mn were shipped last month compared with $1,695 mn last July. Apparel exports were $1,381 mn in July 2022 and $1,141 mn last month.
Sanjay Jain, Indian Chamber of Commerce chairman on textiles and Managing Director of TT Limited, said garment exports were at a “sustained low” for a year. In volume terms, the decline was sharp.
Retailers in the US market are destocking and demand is expected to revive. “There are enquiries for garments for spring/summer 2024 for which shipments will begin early next year.” Cotton yarn exports usually look up in September-October. “India expects a good cotton crop next season. If cotton prices remain competitive, exports will revive,” he said.
Siddhartha Rajagopal, Executive Director of Cotton Textiles Export Promotion Council, said, “Regarding cotton textile exports, the mood is cautiously optimistic. Demand looked better from China and if Indian cotton prices are reasonable, export of yarn and fabrics will look up. India has its strengths in cotton textiles and the challenge is to sustain the growth in cotton exports,” he said.
Ravi Sam, Chairman of Southern India Mills’ Association, said in the current market conditions, India can regain its competitiveness in cotton textiles only if the import duty on cotton is removed. On, August 16, Indian cotton prices were higher than international prices.
