The textile industry has consistently maintained a trade surplus, with exports far outnumbering imports. Textile exports slowed in FY 2020-21 due to a pandemic that disrupted the supply chain and demand.
However, hints of improvement can be seen in 2021-22. Textiles and apparel, including handicrafts, exports totaled US$ 29.8 billion from April to December 2021, up from US$ 21.2 billion in the same period last year. This translates to a robust 41% increase over previous year. Growth indicates that the economy is on the mend.
Even in comparison to the pre-pandemic year, 2019-20, textile sector exports (Textiles & Apparel including Handicrafts) climbed by 14.6% from April to December 2021 as compared to April to December 2019. Textiles saw a 31% increase in exports, Cotton Yarn/Fabrics/Made-ups, Handloom items, etc. saw a 43% increase, and Jute products saw a 33% increase from April to December 2021, compared to April to December 2019.
The government has set a target of US$ 44 billion for Textiles and Apparel, including Handicrafts, with about 68% of the annual objective already met. The last quarter of the fiscal year is always busier than the previous quarters. As a result, the sector is optimistic that targets will be met.
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