According to foreign trade statistics released by the Indian Ministry of Commerce, the textile sector performed below par in October 2022. Starting with textile commodities exports of Indian handicrafts excluding handmade carpets declined by 50.73 percent from 198.99 million on Oct 21 to $98.05 million on Oct 22.
The cumulative export of cotton yarn, fabrics, made-ups, and Handloom products suffered a negative growth of 46.18 percent as the export value declined $709.03 million in October this year compared with exports of $1333.97 million on October 21. Jute manufacturing including floor covering also comes under textiles and its exports dipped to $23.57 million in the month under review compared with exports of $43.55 clocked on October 21. This translates into a decline of 45.88 percent decline in growth. Carpets exports declined by 38.14 percent to $107.03 million.
The exports of manmade fiber, yarn, fabric, and made-ups registered a decline of 25.20 percent to $350.6 million from $468.69 million exports achieved in the same month of 2021. The greatest setback was witnessed in the exports of readymade garments (both woven and knitwear) that could not cross $1 billion after a long time. Against export of $1.254 billion achieved in October 2021 the exports, this October was $988.72 million depicting a decline of 21.16 percent.