Garment exports down y-o-y by 3.45% in January

17 Feb 2023 , 01:18 AM

According to preliminary export data, garment exports fell 3.45% in January to $1.493 billion from $1.546 billion in January of the previous year. Exports fell in dollar terms in July, August, September, and October of 2022 and January of 2023.

However, in rupee terms, exports increased by 6.22% in January this year compared to the previous year.

Knitwear exports increased marginally (0.9%) year on year, from $0.744 billion in January 2022 to $0.751 billion last month.

According to Narendra Goenka, chairman of the Apparel Export Promotion Council, total exports have increased over the last ten months. Despite the current slowdown, exports are expected to resume in four months.

According to the data, garment exports totaled $13.33 billion from April 2022 to January 2023. In 2021-2022, total garment exports were $16.01 billion.

According to K.M. Subramanian, the president of the Tiruppur Exporters Association, there has been a notable increase in inquiries from various brands, and it’s highly possible that knitwear exports from Tiruppur will return to their pre-COVID levels after April. 

He mentioned that the European market’s demand has improved somewhat in comparison to the previous three months. Additionally, the reduction in yarn prices to levels seen in 2021 is enhancing the competitiveness of Indian knitwear.

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