April 22, 2024

Indian Textile & Garment Exports Drop 12.2% In May

Indian textile and garment exports dropped 12.2 percent year on year in May 2023 and stood at US $2,816 million, as against US $3,206 million in same month of 2022.

Considering just textiles, exports declined 11.8 percent, while clothing exports dipped 12.7 percent. Handicrafts and handmade carpet shipments fell 21.1 percent, while jute exports plummeted 29.3 percent, all from a year ago.

The fall in exports can be attributed to slow demand in its main markets of the European Union and the US.

As a result, share of textile and apparel exports in all commodity exports from India shrank 8.05 percent in the previous month from 8.22 percent a year ago.

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