In August 2023, the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) reported a 4.8 per cent drop in Indian man-made fiber (MMF) textile exports, with values decreasing from $495 million in August 2022 to $471 million. The overall trend from April to August 2023 revealed a 12 per cent fall in MMF exports, dropping from $2,568 million in 2022 to $2,260 million.
Despite this general decline, MMF fabric exports exhibited a positive growth of 15 per cent in August 2023. However, this growth counteracted due to contractions in other sectors, including man-made fibres, MMF yarns, and MMF made-ups.
From April to August 2023, MMF fabrics emerged as the most significant exported commodity, making up 38 per cent of total exports. With MMF yarns accounting for 29 per cent, MMF made-ups at 25 per cent, and man-made fibres at 8 per cent, says the report.
Specifically, export values for polyester staple fibre (PSF) and partially oriented yarn (POY) experienced a fall of 32 per cent and 55 per cent respectively, compared to the same period in 2022. In contrast, the export value of viscose staple fibre (VSF) surged by 83 per cent.
The dominance in MMF yarn exports was seen in Polyester filament yarns (PFY), comprising 47 per cent of total exports, followed by Poly-cotton (PC) spun yarn at 9 per cent. Additionally, MMF woven fabrics and MMF nonwoven fabrics recorded growth rates of 4.2 and 20 per cent, respectively.
The US saw the largest share of exports from India at 15 per cent from April to August 2023. Turkiye followed closely with an 11 per cent share, while the United Arab Emirates and Bangladesh held 7 and 5 per cent respectively. Notably, exports to Bangladesh saw an impressive growth of 129 per cent during this period.