The decline in textile exports was attributed to the combination of weak demand and high prices of cotton.
It was reported that the recession in the textile industry persisted during the first quarter of the financial year 2023-24, as India’s textile exports witnessed a decline of 15.26% to $8.4 billion.
According to industry experts, the decline in textile exports was attributed to the combination of weak demand and high prices of cotton.
The weak global demand has impacted the entire textile value chain, including ginning, spinning, weaving, processing, and garment making. The Confederation of Indian Textile Industry (CITI) reported that exports of cotton yarn and fabrics, man-made yarn and fabrics, carpets, handicrafts, and apparel experienced a shrinkage from April to June.
For over a year, the textile industry has been facing challenging times due to the volatile prices of cotton and the weakened global demand. This situation has been exacerbated by the onset of the Russia-Ukraine war.