The in the textile Industry continued in the first quarter of the financial year 2023-24, with India’s textile exports dropping by 15.26% to $8.4 billion.
Industry experts attribute the decline to weak demand and high prices of Cotton.
The entire textile value chain of ginning, spinning, weaving, processing and garment making has been affected by weak global demand. Exports of cotton yarn and fabrics, man-made yarn and fabrics, carpets, handicrafts and apparel shrank from April to June, according to data from the Confederation of Indian Textile Industry (CITI).
The textile industry has been going through a tough time for more than a year because of volatile cotton prices and weak global demand, especially since the Russia-Ukraine war began.
Industry experts say textile exports make up about 10% of the country’s merchandise exports. Textiles and apparel make up about 40% of total textiles exports, while Home textiles and fabrics account for 18% and 13%, respectively.