India's readymade garment (RMG) exports grew by 16.4 per cent to $1,510 .8million during the month of April of the current financial year 2022-23. In financial year 2021-22, India achieved a growth of 30.4 per cent in garment exports. Industry experts said that garment exports rose in terms of value, but the volume of exports might have declined.
Experts argued that costlier raw material, including cotton, has pushed up garment prices which caused export value figures to soar.
According to the latest data from the government, India’s garment exports in April 2021 totaled $1297.7 million. In April 2022, the garment exports surpassed the pre-COVID levels in April 2022. In April 2019, India’s garment exports stood at $1408.8 million.
According to government data, garment exports not only increased by 30.4 per cent on annual basis, but also exceeded the pre-pandemic level in financial year 2021-22. Garment exports from India stood at $160.18 billion in the financial year 2021-22, while in financial year 2020-21, exports stood at $122.85 billion. The financial year 2020-21 began with lockdowns, which affected the country's economic activities and normal life in the first quarter. Prior to the pandemic, garment exports were $155.09 billion in FY 1019-20. The exports had fallen by 20.8 per cent in the FY 2020-21 due to the pandemic.