Indian apparel exports have encountered a significant contraction in the first half of 2023, reflecting uncertain global market conditions that exporters are grappling with.
Official data highlights that Indian apparel exports dwindled to US $ 8 billion during H1 ’23, marking a substantial downturn from the US $ 9.38 billion recorded in the same period of 2022.
Delving into the specifics, the contraction is further underscored from a quantity perspective. In the first half of 2023, India managed to ship 1.80 billion apparel pieces, a significant contrast to the 2.22 billion pieces shipped during the same period in the previous year.
This translates to a considerable decline of 19.21 per cent in quantities on a yearly basis, further highlighting the headwinds faced by the Indian apparel export sector.
Of particular concern is India’s inability to surpass its remarkable achievement in 2017 when the nation reached a record-breaking export figure of US $ 17.34 billion in a single calendar year. While the subsequent year, 2022, saw the second-highest export earnings at US $ 16.74 billion, the current market dynamics creates doubts on the prospects of crossing the US $ 17 billion mark in the ongoing year.