The data show that garment exports from April 2022 to January 2023 were worth $13.33 billion. The total garment exports in 2021-2022 stood at $16.01 billion.
| Photo Credit: SIVA SARAVANAN S
Garment exports shrank 3.45% in January to $1.493 billion compared with the year-earlier period’s $1.546 billion, according to provisional export data.
With this, the exports had witnessed contraction in July, August, September and October of 2022 and January of 2023 in dollar terms.
However, in rupee terms, exports grew 6.22% in January this year from the year-earlier period.
Of the total garment exports, knitwear exports grew marginally (0.9%) year-on-year from $0.744 billion in January 2022 to $0.751 billion last month.
Narendra Goenka, chairman of Apparel Export Promotion Council, said total exports for the last 10 months have still seen a growth. Though there is a slowdown now, the exports are expected to revive in another four months.
The data show that garment exports from April 2022 to January 2023 were worth $13.33 billion. The total garment exports in 2021-2022 stood at $16.01 billion.
Tiruppur Exporters Association president K.M. Subramanian said enquiries from brands have improved and knitwear exports from Tiruppur are likely to bounce back to pre-COVID levels after April.
“The demand is slightly better compared with the last three months in the European market. Yarn prices have reduced to 2021 levels and this is making Indian knitwear competitive,” he said. After Christmas, the inventory has reduced in Europe and there is a demand now. Domestic yarn movement has picked up, indicating demand in the textile value chain, he added.
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