COVID crisis: Textile exports fell by 13% in FY2020-21
The provisional data of the Cotton Textiles Export Promotion Council revealed that the exports of readymade garments and manmade textile declined by 20.78% and 21.20%, respectively. The final data is expected by May end.
Coimbatore,
Tamil Nadu
The provisional
data of Cotton Textiles Export Promotion Council revealed that, in 2020-2021,
the textiles and apparel exports declined by 13% (in dollar terms) compared to
that in 2019-2020. The exports dropped to $29 billion in 2020-2021 from $34
billion in 2019-2020. The final data is expected later this month.
Similarly, the
exports of ready-made garments declined by 20.78% while the exports of manmade
textile items fell by 21.20%.
Siddhartha
Rajagopal, Executive Director, Cotton Textiles Export Promotion Council
mentioned that the decline was mainly due to the spread of COVID-19 and the impact
of the subsequent lockdown on exports in April and May last year.
Textile and
clothing exports are expected to perform well this year as countries such as
China, the US and the UK have started importing again. A. Sakthivel, Chairman,
Apparel Export Promotion Council, observed that the apparel exports have
started looking up and the industry can expect a growth of 20% in this
financial year.
Source:
The Hindu
Image Source: Unsplash
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