India recorded its highest-ever textiles and apparel exports in the financial year 2021-22 at USD 44.4 billion, the government said on Tuesday. The exports tally, which also includes handicrafts, indicates a substantial increase of 41 per cent and 26 per cent over corresponding figures in FY21 and FY20, respectively.
USA was the top export destination for the country’s textiles and apparel shipments accounting for 27 per cent share, followed by the European Union (18 per cent), Bangladesh (12 per cent) and UAE (6 per cent), the textiles ministry said.
“In terms of product categories, the export of cotton textiles was USD 17.2 billion with 39 per cent share registering a growth of 54 pet cent and 67 per cent during 2021-22 over FY21 and FY20, respectively,” an official statement said.
Export of ready-made garments stood at USD 16 billion with 36 per cent share showing a growth of 31 per cent and 3 per cent during 2021-22 over FY21 and FY20, respectively.
Man-made textiles exports were to the tune of USD 6.3 billion with a 14 per cent share, which shows a growth of 51 per cent and 18 per cent during 2021-22 over FY21 and FY20, respectively.
Export of handicrafts was USD 2.1 billion with 5 per cent share, reporting a growth of 22 per cent and 16 per cent during 2021-22 over FY21 and FY20, respectively, the textiles ministry said.
(The one-stop destination for MSME, ET RISE provides news, views and analysis around GST, Exports, Funding, Policy and small business management.) Download The Economic Times News App to get Daily Market Updates & Live Business News.