India’s Textile Machinery Trade Rises In FY2022-23

India’s textile machinery imports account for 83% and exports account for 17% share of total textile machinery trade 

India’s textile machinery trade with the world totalled US$ 6129.10 million in FY2022-23. The textile machinery imports account for a major share of 83% of India’s total textile machinery trade, while exports account for the remaining 17% share. With the imports being so high, India has witnessed a trade deficit of US$ 4016.96 million in FY2022-23. China is the largest supplier and Bangladesh is the largest market for India’s textile machinery goods.

The last fiscal year (FY2022-23) has been indeed good for the textile machinery industry, as both the segments, i.e. imports and exports, have witnessed a positive and huge growth and has been highest in terms of value as compared with the last 10 fiscal years.

India’s Textile Machinery Import Trends
Textile machinery imports to India rose by 32% to US$ 5073.03 million in FY2022-23 compared to the previous financial year (FY). Printing machinery, which also includes computer printers, was the largest imported commodity with a share of 32% of India’s total textile machinery imports. The imports of printing machinery saw a rise of 25.4% with a total value of US$ 1640.81 million in FY2022-23.

China is the largest textile machinery supplier to India. China is the top supplier for all the commodities in the segment, except for non-woven and finishing machinery imports.

Textile machinery imports from China totalled US$ 2213.87 million and witnessed a growth of 34.11% in FY2022-23. China’s share in India’s total textile machinery imports is nearly 44%. Other countries in the top five slot are Japan, Germany, Singapore and Italy.

Product-wise Import Trends
Printing machinery has always been high in supply from global suppliers like China, Singapore and Japan. There has been a substantial rise in printing machinery supplies from Vietnam and Thailand, by as much as 66.1% and 71.2%, respectively, in FY2022-23 over the previous fiscal year.

Weaving machinery is the second top imported commodity. The imports of weaving machines totalled US$ 776.30 million, a growth of 68.5% in FY2022-23. Weaving machines take a share of 15% of the total textile machinery imports of India. Imports of Japanese weaving machinery to India have made significant growth of 115.9% to US$ 143.65 million in FY2022-23.

Auxiliary machinery imports grew by 40.9% in FY2022-23 over the previous fiscal year, with a share of 13%. Under this commodity, imports from China rose by 74.2% to US$ 299.62 million and from Germany by 4.2% to US$ 126.23 million in 2022-23 over the previous fiscal year.

Spinning, twisting and yarn preparation machine imports rose by 45.2% to US$ 539.95 million in FY2022-23 over the previous fiscal year. Textile winding machinery is the top-most imported item under this commodity. Imports of textile winding totalled US$ 256.12 million. China is the top supplier, with imports of US$ 156.32 million and growth of 99%, while Japan, the second top supplier of this commodity, showed a negative growth of 0.5% to US$ 132.59 million in FY2022-23 over the previous fiscal year.

Knitting machinery, which takes 8% share of the total textile machinery imports of India, has witnessed a rise of 16.6.7% to US$ 412.52 million in FY2022-23.

Country-wise Import Trends
China, the top textile machinery supplier to India, witnessed a substantial rise of 258.7% in extruding, drawing and texturing machine imports in FY2022-23. Printing machinery imports from China totalled US$ 528.29 million, a growth of 24.8% in FY2022-23. This is the top product imported by India from China.

Japan, the second largest textile machinery supplier, witnessed a growth of 36.1% to US$ 506.9 million. The country holds a 10% share in the total textile machinery imports from India. Printing machinery is the largest imported commodity from Japan, with imports totalling US$ 154.11 million in FY2022-23. Weaving machinery imports from Japan saw a significant growth of 116% to US$ 143.65 million.

Knitting machine imports from Italy surged 264.13% to US$ 22.15 million, weaving machinery by 92.9% to US$ 52.97 and spinning, twisting and yarn preparation machinery by 113.6% to US$ 48.79 million in FY2022-23 over the previous fiscal.

The top sixth supplier Belgium has witnessed a growth of 95.3% to US$ 188.78 million. The imports of weaving machines from Belgium totalled US$ 90.36 million, a growth of 71.69%

India’s Textile Machinery Export Trends
Textile machinery exports from India too witnessed growth last year. The exports totalled US$ 1056.07 million, a growth of 11.46% in FY2022-23 over the previous fiscal. Under the export segment, spinning, twisting and yarn preparation machines were the largest exported products. These products take up 38% share of the total textile machinery exports from India.

Bangladesh has overtaken Turkey and is now the largest market for India’s textile machinery. Exports to Bangladesh totalled US$ 147.04 million, showing a growth of 51.28% in FY2022-23 over the previous fiscal, with a share of 14% of the total textile machinery exports of India.

Product-wise Export Trends
Spinning, twisting and yarn preparation machines are the largest exported products, with a value of US$ 404.58 million and a growth of 36.7% in FY2022-23 over the previous fiscal. Bangladesh is the largest importer of this commodity and exports to the country totalled US$ 91.9 million, a growth of 134.54%. Product-wise, cotton spinning ring frames were exported the most globally. Exports of cotton spinning ring frames totalled US$ 285.03 million, a growth of 51.47% in FY2022-23 over the previous fiscal.

Auxiliary machines, which are the second largest exported commodity from India, witnessed 9.35% growth in FY2022-23. The export of this commodity totalled US$ 231.24 million, a share of 22% of the total exports. For this commodity, China is the leading market. Exports to China totalled US$ 37.89 million, a growth of 22.92% in FY2022-23. With exports of US$ 23.97 million, exports to Germany have seen good growth of 22.2% last year. Product-wise, under this commodity, parts and accessories for cotton processing machines were exported. The exports of this product totalled US$ 65.03 million.

Printing machinery exports totalled US$ 145.77 million, a growth of 7.92% and is the third largest commodity.

Indian weaving, knitting and sewing machinery was low in demand in FY2022-23 and all three have witnessed a drop in export market by 9.03%, 66.08% and 12.11%, respectively.

Country-wise Export Trends

Spinning, twisting and yarn preparation machines were the largest exported commodities to Bangladesh, the largest market of India for textile machinery exports. The exports of these commodities totalled US$ 91.9 million, a growth of 134.54% in FY2022-23 over the previous fiscal year.

Turkey is now the second largest market with imports of US$ 103.03 million, a growth of 42.97% in FY2022-23 over the previous fiscal year. The country holds a 12 totalling US$ 103.03 million, showing a growth 43% in FY2022-23 over the previous fiscal.

China has witnessed substantial growth of 90.27% to US$ 100.71 million of textile machinery imports from India in FY2022-23. The country has climbed one position up, now being the third largest market, with a share of 10% of the total textile machinery exports from India. With China too, spinning, twisting and yarn preparation machines are the largest exported commodities. Exports of these machines totalled US$ 52.41 million, a growth of 237.25% in FY2022-23.

Indonesia was the 10th largest market in FY2021-22, but the country is the sixth largest market for India’s textile machinery goods in FY2022-23. Currently, the country holds a 4% share in the total textile machinery exports from India. Product-wise, spinning, twisting, yarn preparation machines exports witnessed a growth of 439.65% to US$ 26.63 million and are the largest exported products to Indonesia.

Vietnam climbed from the 17th to the 8th spot as the largest market for India’s textile machinery goods in FY2022-23. This has been possible only because of spinning, twisting and yarn preparation machines exports to the country. The exports of these machines from India grew by 771.04% to US$ 31.27 million in FY2022-23 over the previous year.

Japan is the only country in the top 10 list to witness a negative growth of 9.97% at US$ 30.79 million over the previous fiscal year. Most of the machinery demand from Japan has been moderately low and the demand for the top product, i.e. auxiliary machines, was down by almost 20% in FY2022-23 to US$ 20.28 million over the previous fiscal.

 Data Source: DGCI&S, Kolkata

(Written by; Henry Dsouza)