India’s exports of textiles and apparel fell by one per cent during the first five months of the current fiscal. The yarn market and entire value chain are witnessing a slower demand. India’s exports of cotton yarn, fabrics, made-ups, handloom products fell 16 per cent in April 2022 to August 2022. Export of carpets fell 15 per cent. Handicrafts (excluding handmade carpets) also eased 29 per cent in the first five months of the current fiscal. Total textile exports fell 13 per cent. However, apparel exports grew 17 per cent because of better performance in the previous months of this fiscal.
Exports of all the products in the textile segment registered a decline in the month of August. International trade, especially of discretionary products like garments and home textiles, is facing a slower demand. The global economy is facing challenges such as the Russia-Ukraine war, which has disrupted global trade and supplies of not only textiles and apparel but also food grains and many other important commodities. High inflation all over the world has left the consumers without money for discretionary expenditure, which in turn has dried up demand for many consumer items including textiles.