Textiles Hits $30 bn in April- December 2021
· Cotton Yarn/ Fabrics/ Made-ups, Handloom Products etc. Shows an Increase of 43%
· Growth Signals an Economic Rebound
Textile sector has continuously maintained trade surplus with exports manifold higher than imports. In FY 2020-21 there was a deceleration in textile exports due to pandemic disrupting the supply chain and demand.
However, signs of recovery are visible in 2021-22. During April-December, 2021 the total Textiles & Apparel including Handicrafts exports was US$ 29.8 billion as compared to US$ 21.2 billion for the same period last year. Growth signals an economic rebound.
Export for whole sector (Textiles & Apparel including Handicrafts) increased by 14.6% from April- December 2021 as compared to last year. Textiles exhibited an increase in export of 31%, Cotton Yarn/ Fabrics/ Made-ups, Handloom products etc. exhibited an increase of 43% and Jute products exhibited an increase of 33% from April- December 2021 as compared to last year.
Government has set the target of $44 billion for Textiles & Apparel including Handicrafts and > 67% has already been achieved. The last quarter of FY always has higher activity than the earlier quarters. Industry is hopeful that targets will be duly met.