New Delhi: India's textile sector has reportedly maintained a trade surplus with exports manifold higher than imports, continuously. In FY 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. During April-December, 2021 the total Textiles & Apparel including Handicrafts exports was $29.8 billion as compared to $21.2 billion for the same period last year, the ministry data shows. This implies robust growth of approximately 41 percent over last year. Growth signals an economic rebound.
Even compared to pre-pandemic year i.e. 2019-20 export for the textile sector (Textiles & Apparel including Handicrafts) increased by 14.6 percent from April- December 2021 as compared to April-December 2019. Textiles exhibited an increase in export of 31 percent, Cotton Yarn or Fabrics or Made-ups, Handloom products etc. exhibited an increase of 43 percent and Jute products exhibited an increase of 33 percent from April- December 2021 as compared to April-December, 2019.
The government has set the target of US $ 44 billion for textiles & apparel including handicrafts and approximately 68 percent of the annual target has already been achieved. The last quarter of FY21 always has higher activity than the earlier quarters. Hence industry is hopeful that targets will be duly met.
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