Textile exports shoot up by 41% yoy in 9MFY22, nears $30B

13 Jan 2022 , 10:23 AM

The textile ministry declared that the textile industry has maintained a trade surplus with exports higher than imports. In FY’21 pandemic disrupted the supply and demand chain that led to deceleration in textile exports.

The textile industry started to recover in 2021-22 post-pandemic disruptions.

As per the ministry’s statement, “During April-December, 2021 the total Textiles & Apparel including Handicrafts exports was $29.8 billion as compared to $21.2 billion for the same period last year. Growth signals an economic rebound.”

Overall exports of the textile sector comprising apparel, handicrafts, and textiles spiked by 14.6% y-o-y basis during April-December.

Centre is expecting $44 billion worth of exports for this fiscal, and 67% of this has already been achieved.

Export for Jute products increased by 33%, while cotton yarn, fabrics, made-ups, and handloom products showed a rise of 43% y-o-y during the period.

India’s exports showed an exquisite increase of 37% y-o-y to $37.29 billion. This is the highest ever monthly export so far.

Merchandise export growth has also been captivating as it showed an increase of 48.85% at $299.74 billion, against $201.37 billion recorded last year.