India has recorded its highest-ever textiles and apparel exports at $44.4 billion, including Handicrafts, in the financial year 2022, indicating an increase of 41 per cent over FY21 and 26 per cent over FY20, said the Ministry of Textiles in a statement on Tuesday.
The statement also added that the USA was the top export destination for the nation’s textiles and apparel shipments and accounted for 27 per cent share. European Union stood second with 18 per cent shipments, Bangladesh was in the third position with 12 per cent and UAE stands in fourth place with 6 per cent.
"In terms of product categories, the export of cotton textiles was $17.2 billion with 39 per cent share registering a growth of 54 per cent and 67 per cent during 2021-22 over FY21 and FY20, respectively," reads the statement.
Export of ready-made garments was at $16 billion with 36 per cent share in FY22, up 31 per cent against the last year. Man-made textiles exports were at $6.3 billion with a 14 per cent share in the previous financial year, a growth of 51 per cent against FY21 and 18 per cent over FY20.
Handicrafts export was at $2.1 billion with a 5 per cent share against total textiles and apparel exports during FY22, showing an increase of 22 per cent and 16 per cent over FY21 and FY20, respectively.
As a seasoned expert in international trade and textile industries, I can confidently delve into the comprehensive data presented in the article on India's record-breaking textiles and apparel exports for the financial year 2022. My extensive experience in analyzing trade trends and market dynamics allows me to provide valuable insights into the key concepts outlined in the report.
Firstly, the Ministry of Textiles' announcement reveals a remarkable achievement for India, as the country recorded its highest-ever textiles and apparel exports at $44.4 billion. This figure signifies a substantial increase of 41 percent over the previous financial year (FY21) and an impressive 26 percent over the fiscal year 2020 (FY20). Such substantial growth underscores the robustness of India's textile and apparel sector during this period.
The geographical distribution of these exports further demonstrates the nation's global reach. The United States emerged as the leading export destination, accounting for 27 percent of India's textiles and apparel shipments. Following closely, the European Union secured the second position with an 18 percent share, while Bangladesh and the UAE occupied the third and fourth places with 12 percent and 6 percent, respectively. This data reflects India's diversified export markets and its ability to cater to different regions worldwide.
Delving into product categories, the export landscape reveals the dominance of certain segments. Cotton textiles took the lead, registering an export value of $17.2 billion and claiming a substantial 39 percent share. This category experienced a remarkable growth of 54 percent and 67 percent during the fiscal year 2021-22 over FY21 and FY20, respectively. This surge underscores the global demand for Indian cotton textiles.
Ready-made garments also played a significant role in India's export portfolio, amounting to $16 billion and securing a 36 percent share in FY22. This segment witnessed a commendable growth of 31 percent compared to the previous year, showcasing the competitiveness of India's apparel industry on the global stage.
Additionally, man-made textiles exports amounted to $6.3 billion, constituting a 14 percent share in the previous financial year. This segment experienced a substantial growth of 51 percent against FY21 and 18 percent over FY20, indicating the increasing popularity of Indian man-made textiles in the international market.
Handicrafts, while representing a smaller share in the overall textiles and apparel exports, made a notable contribution. With an export value of $2.1 billion and a 5 percent share in FY22, this category demonstrated a commendable increase of 22 percent and 16 percent over FY21 and FY20, respectively. This signifies the global appreciation for India's unique and traditional handicraft products.
In conclusion, the data presented in the Ministry of Textiles' statement highlights India's significant achievements in the textiles and apparel sector during FY22. The impressive growth rates and diverse export destinations underscore the resilience and competitiveness of the Indian textile industry on the global stage.
