Textile sector records 31% increase in exports
Textiles exports increased by 31 Percent in April to December last year as compared to 2020 year. Textiles Ministry has said that the textile sector has continuously maintained trade surplus with exports manifold higher than imports. In Financial year 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.
The ministry said that total Textiles and Apparel including Handicrafts exports was 29.8 billion dollar during the April to December last year, as compared to 21.2 billion dollar for the same period in 2020 year. The growth signals an economic rebound.
The ministry added, exports for the whole sector- Textiles, Apparel and Handicrafts, increased by 14.6 percent from April to December last year as compared to 2020 year. Textiles exhibited an increase in export of 31 percent, Cotton Yarn/ Fabrics/ Made-ups and Handloom products exhibited an increase of 43 percent and Jute products exhibited an increase of 33 percent from April to December 2021 as compared to 2020 year.
The ministry has said that the government has set the target of 44 billion dollars for Textiles and Apparel including Handicrafts and more than 67 percent has already been achieved. The last quarter of the Financial year always has higher activity than the earlier quarters. Industry is hopeful that targets will be duly met.