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. This implies robust growth of approximately 41% over last year. Growth signals an economic rebound.
Even compared to pre-pandemic year, i.e., 2019-20 export for textile sector (Textiles & Apparel including Handicrafts) increased by 14.6% from April-December 2021 as compared to April-December 2019. 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 April-December 2019.
Government has set the target of $44 billion for Textiles & Apparel including Handicrafts and approximately 68% of annual target has already been achieved. The last quarter of FY always has higher activity than the earlier quarters. Hence industry is hopeful that targets will be duly met.