Tiruppur, India's hub for knitwear exports, is projected to experience a 4% decrease in dollar terms for FY23. Despite this decline, exports may see a marginal increase in rupee terms. This follows the region's record-breaking year for annual exports in FY22.

Industry analysts are cautiously optimistic about the growth outlook for FY24. They expect gradual improvements in orders from Q1 of FY24, although the recovery is dependent on global macroeconomic factors.

For the period of April 2022-February 2023, knitwear exports from Tiruppur totaled around $3.95 billion, while all India knitwear exports amounted to $7.2 billion (compared to $8.17 billion in FY22). The Tiruppur Exporters Association estimates that for FY23, total knitwear exports from Tiruppur will be $4.31 billion, a decrease of 4.22% from FY22. However, in rupee terms, there will be a marginal increase of 3.12% to 34,570 crore from ₹33,525 crore in FY22.

Knitwear exporters attribute the decline in exports to a drop in orders from key markets such as Europe and the U.S. due to the Russia-Ukraine conflict. Despite a slight recovery in the last few months, exports remain lower than in previous years.