India's textile and apparel exports have continued their downward trend in July 2023, reflecting a worrisome decline in the sector. Between April and July 2023, the shipment of textiles and apparel plummeted by 13.55%, resulting in a reduced value of $10,154.83 million compared to $11,746.57 million in the previous fiscal period.
Category-specific export decreases
Data disclosed by the ministry of commerce and industry indicated specific categories that faced export challenges. Cotton yarn, fabric, made-ups, and handloom products experienced an 8.34% reduction, falling to $3,767.83 million from $4,110.67 million. Similarly, man-made yarn, fabric, and made-ups encountered a 12.07% decline, reaching $1,551.12 million from $1,764.10 million. The export of apparel witnessed a significant drop of 17.64%, dwindling to $4,835.88 million in April-July 2023 compared to $5,871.80 million in the previous year.
July 2023: mixed performance
In July 2023, certain categories exhibited mixed performance. The export of cotton yarn, fabric, made-ups, and handloom products managed a slight increase of 6.62% to $1,009.10 million. Conversely, the export of man-made yarn, fabric, and made-ups endured a 10.45% decline, amounting to $390.25 million. Apparel exports faced a notable setback, plummeting by 17.37% to $1,141.17 million.
Overall export trends
The overall exports from April to June 2023 recorded a 5.97% decline, decreasing to $244.15 billion compared to $259.67 billion in the same period the previous year. Moreover, the value of merchandise exports observed a substantial decrease of 14.49%, declining from $159.32 billion to $136.22 billion.
July 2023 export performance
India's overall exports for July 2023 demonstrated a 5.04% decrease, reaching $59.43 billion compared to $62.59 billion in the corresponding period of the previous year. The value of merchandise exports endured a more significant drop of 15.88%, falling from $38.34 billion to $32.25 billion in the same period.
The ongoing decline in textile and apparel exports presents a considerable challenge for India's economy, warranting attention and strategic interventions to revitalize the sector's performance.
