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Textile Exporters Hold Back Shipments Amid High Freight Costs

Textile Insights January 8, 2024

The Indian Commerce Ministry is monitoring developments on the situation at the Red Sea, amid textile and garment exporters holding back their shipments owing to fears about higher freight costs. The cost of freight and insurance has risen due to ships being compelled to avoid the region and

Industry

Indian Textile Bodies Seek Financial Support for Industry From Govt

Textile Insights January 6, 2024

Various textile mill associations of India have highlighted the acute financial stress faced by the spinning segment of the textile industry to the Finance Minister. The joint appeal to Minister of Finance, Nirmala Sitharaman comes after a significant downturn in the cotton-based spinning sector, exacerbated by Ukraine-Russia conflict and the recent Israel-Hamas war. “The

Export

India’s Textile & Garment Exports Sluggish Despite FTAs

Textile Insights January 5, 2024

India’s exports from labour-intensive sectors such as textiles, garments, gems and jewellery, and leather have been sluggish despite free trade agreements (FTAs). “The rise of efficient suppliers in China, Vietnam, and Bangladesh has contributed to a decline in India’s market share in global trade,” a recent Global Trade Research Initiative (GTRI) report reveals. The

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India & Oman May Sign Proposed FTA In January 2024

Textile Insights December 30, 2023

In all probability, a Free Trade Agreement (FTA) may be signed between India and Oman in January 2024. “Negotiations are on track and both sides have already agreed on most of the text of the chapters of the Comprehensive Economic Partnership Agreement (CEPA),” CNBC quoted government sources as saying. The second round of talks for […]

Industry

Indian Textile & Garment Sector Worst Affected Worldwide

Textile Insights December 29, 2023

The Indian textiles and apparel industry is the worst affected among various textile and garment producing countries due to various challenges. “Challenges include on the raw material front, both cotton and manmade fibres, and a steep increase in power cost,” President of International Textile Manufacturers Federation (ITMF), KV Srinivasan said. “Urgent measures on policy

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Indian Textile & Apparel Export Shipments Freight Spikes 40%

Textile Insights December 28, 2023

The attack on merchant ships by Houthi rebel attacks in the Red Sea has spiked freight rates by 40 percent, with expectations of them going up and impacting Indian textile and garment export costs. Red sea is one of the busiest sea routes that connect Asia and Europe, but the attacks have forced ships to […]

Export

Indian Textile & Apparel Exports Expand 10.4% In October

Textile Insights November 17, 2023

India’s exports of textile and garments in October this year posted a growth of 10.44 percent over the same month of previous year. According to data of Confederation of Indian Textile Industry (CITI), shipments of textiles in October 2023 rose massively by 24.29 percent over October 2022, while apparel exports fell 8.08 percent. Cumulative exports […]

Export

Indian MMF Textile Exports Drop 12% Between April & Aug

Textile Insights November 16, 2023

In the first five months of fiscal 2024 ending August 2023, MMF textile exports declined 12 percent year on year to $2.26 billion from $2.56 billion in the comparable period of 2022. Manmade fibre (MMF) textile exports in August from India reached US $471 million, dropping 4.8 percent from $495 million in the same month […]

Export

Indian Textile & Garment Exports Drop 8.81% In H1FY’24

Textile Insights October 18, 2023

In the period between April and September 2023, Indian textile and apparel exports fell to $16.79 billion, down 8.81 percent as against $18.42 billion in the same period of fiscal 2023. Of this, textile exports dropped by 3.59 percent year on year to $9.83 billion in the first six months of the current fiscal Clothing […]

Export

Indian Exporters To Get Automatic ‘Status Holder’ Certificates

Textile Insights October 11, 2023

Union Minister of Commerce & Industry and Textiles Piyush Goyal unveiled an initiative to issue system based automatic ‘Status Holder’ certificates under the Foreign Trade Policy (FTP) 2023. The exporter will not be required to apply to the office of Directorate General of Foreign Trade (DGFT) for a status certificate. The export recognition will be […]