Though the Covid situation in the country continues to posses a major challenge for the exports, the Textile sector has consistently maintained a trade surplus with the exports manifold higher than imports.
During April-December, 2021 the total Textiles & Apparel including Handicrafts exports was US$ 29.8 billion as compared to US$ 21.2 billion for the same period last year. This registered a robust growth of approximately 41% over last year. The growth signals and the sharp rise in exports is clearly indicating of an economic rebound, Textile Ministry.
Textile Ministry says that In FY 2020-21 there was a deceleration in textile exports due to pandemic disrupting the supply chain and demand. However, signs of recovery are visible in 2021-22.
When compared to pre-pandemic year i.e. 2019-20 export for the textile sector (Textiles & Apparel including Handicrafts) increased by 14.6% from April- December 2021 as compared to April-December 2019. Textiles exhibited an increase in export of 31%, Cotton Yarn/ Fabrics/ Made-ups, Handloo products, etc. exhibited an increase of 43% and Jute products exhibited an increase of 33% from April- December 2021 as compared to April-December, 2019.
The government has set the target of $44 billion for Textiles & Apparel including Handicrafts and approximately 68% of the annual target has already been achieved. The last quarter of FY always has higher activity than the earlier quarters. Hence industry is hopeful that targets will be duly met.
India’s exports in December rose a record 37% year-on-year to $37.29 billion. This is the highest-ever monthly achievement of exports so far. Exports stood at more than $27.22 billion in December 2020. The exports growth last month is also a 37.55% jump over December 2019, when it stood at $27.11 billion.
