Mumbai, 17 June (Commoditiescontrol): The latest analysis from the Confederation of Indian Textile Industry (CITI) highlights a significant downturn in India's textile and apparel (T&A) sector. The report shows a marked decrease in exports for May 2023 compared to last year.
Indian Textiles Exports saw a degrowth of -11.76% compared to May 2022, while Apparel Exports suffered a more severe downturn, recording a degrowth of -12.67% over the same period. These worrying trends have continued over the April-May'23 period, with Textiles and Apparel Exports declining by -16.38% and -18.16%, respectively, compared to the same time frame in 2022.
This downturn has contributed to the overall degrowth in the T&A sector, with a -12.16% drop recorded for May 2023 and a -17.17% decrease observed during the period of April-May'23. The T&A sector's contribution to total exports also slipped to 8.05% in May 2023, down from 8.22% in May 2022.
On a more granular level, a number of categories have been severely affected. Cotton Yarn/Fabrics/Made-ups and Handloom Products have seen an 11.75% drop in May 2023 when compared to the previous year. Similarly, Man-made Yarn/Fabrics/Made-ups etc., recorded a 6.30% decrease, while Jute Manufacturing, including Floor Covering, fell by a considerable 29.30%.
In terms of imports, there was a slight decrease in May 2023 for Cotton Raw & Waste and Textile yarn fabric, made-ups, with a percentage change of -0.40% and -0.12%, respectively, when compared to May 2022. This degrowth also extended into the April-May'23 period, with Cotton Raw & Waste falling by -0.31%, and Textile yarn fabric, made-ups decreasing by -0.14%.
Overall, the Citi analysis paints a concerning picture of the current state of India's T&A sector, as it experiences marked degrowth across both its export and import markets. The impact of this downturn is further emphasized by the T&A sector's shrinking share of total exports.
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(By Commoditiescontrol Bureau: +91-9820130172)
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