RMG exports fail to touch pre-Covid level; slowdown concerns remain

In November and December 2022-23, RMG exports saw a rise of 12 per cent and 1 per cent respectively

Shine Jacob Chennai

Out of the total knitwear exports from India, 63 per cent is going to the US (34 per cent) and Europe (29 per cent), followed by 9 per cent to the UK

When India’s ready-made garments (RMG) exports were expected to touch the pre-Covid level, the ongoing recession and war in the Westerns world have become a roadblock for the sector. RMG exports from India touched $11.841 billion during the first nine months of the financial year 2022-23, up 6.5 per cent from $11.123 billion in 2021-22, based on data shared by Tirupur Exporters Association (TEA). The current year’s numbers are 44 per cent higher compared to first nine months of 2020-21 ($8.199 billion), while it had already touched $12.386 billion during the April to December period of 2017-18. In November and December 2022-23, RMG exports saw a rise of 12 per cent and 1 per cent respectively, after showing a decline for four consecutive months from July to October.

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First Published: Jan 17 2023 | 11:30 PM IST

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