New Delhi, Dec 15 (KNN) The FY23 exports of readymade garments from India have matched the pre-pandemic benchmark, registering at Rs 16,191 crore, a slight increase compared to the Rs 16,138 crore worth of exports in FY19, stated Minister of Textile Piyush Goyal in the Parliament on Wednesday.

On the contrary, while readymade garments surged, cotton textile exports dipped from Rs 12,405 crore in FY19 to Rs 11,085 crore in FY23, the Minister noted.

Goyal provided a detailed breakdown of various textile exports spanning the past five years, in response to a query in the Parliament.

As per the data, man-made textile exports in FY23 also mirrored the levels observed in the pre-pandemic era.

Specifically, the export value for man-made textiles in FY23 amounted to Rs 5,412 crore, closely aligning with the FY19 export figure of Rs 5,551 crore.

"During 2021-22 there was a surge due to pent-up demand and the country's export registered a remarkable growth of 41 per cent year-on-year in textile products as compared to 2020-21. During 2022-23, the international demand normalised, and the prices of cotton were hovering above the normal prices which resulted in a slight correction in the country's exports," the minister explained.

Goyal, in presenting the export statistics for FY24, highlighted that the exports of textiles and apparel (including handicrafts) demonstrated a declining trend from April to July 2023 when compared to the same period in 2022.

This downturn was predominantly attributed to the impact of geopolitical situations on global demand.

"However, there is improvement from August, 2023 onwards. Month wise increase in textile and apparel exports (including handicrafts) in August, September and October of 2023 with respect to the same period of last year is 6 per cent, 3 per cent and 13 per cent respectively," Goyal added further.

The data indicates that wool and woollen textiles emerged as a bright spot, with exports reaching a three-year high of Rs 205 crore in FY23, a significant improvement from Rs 181 crore in FY20.

However, the export of carpets from India has witnessed a decline to its lowest levels in the past five years.

The export value for carpets decreased from Rs 1,790 crore in FY22 to Rs 1,366 crore in FY23. In the pre-pandemic years, carpet exports from India had been fluctuating around Rs 1,450 crores.

(KNN Bureau)