January 14, 2022 New Delhi, 13 Jan (KNN) According to an official statement released by Ministry of Textile on Wednesday, the 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, said the press release.
However, signs of recovery are visible in 2021-22. During April-December, 2021 the total Textiles & Apparel including Handicrafts exports was USD 29.8 billion as compared to USD 21.2 billion for the same period last year.
This implies robust growth of approximately 41 per cent 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 per cent from April- December 2021 as compared to April-December 2019.
Textiles exhibited an increase in export of 31 per cent, Cotton Yarn/ Fabrics/ Made-ups, Handloom products etc. exhibited an increase of 43 per cent and Jute products exhibited an increase of 33 per cent from April- December 2021 as compared to April-December, 2019.
Government has set the target of USD 44 billion for Textiles & Apparel including Handicrafts and approximately 68 per cent 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.