Cotton textile product exports totaled US$13.95 billion between April 2021 and February 2022, surpassing the US$12.5 billion target set by the government
Cotton textile product exports totaled US$13.95 billion between April 2021 and February 2022, surpassing the US$12.5 billion target set by the government
According to the Cotton Textiles Export Promotion Council (Texprocil), cotton textile exports are expected to exceed $15 billion this fiscal year.
The Texprocil said in a statement that exports of cotton textile products — ready-made clothing (including home textiles), fabrics and yarns — reached US$13.95 billion between April 2021 and February 2022, hitting the US$12.5 billion target set by the government surpassed US dollars. The export of all products in cotton textile value chain and different regions like Egypt, USA, Bangladesh, Vietnam and China is increasing. “Cotton textile exports have surpassed the target by 102% in 11 months, which is a milestone in the history of cotton textile exports,” it said.
Several factors contributed to export growth – pent-up demand, Xinjiang cotton ban , Extension of the RoSCTL program for makeup and garments by three years until March 31, 2024 and coverage of the entire value chain under the RODTEP program, according to the chairman of Texprocil. Manoj Patody.
He added that as the industry advances, the industry expects continued global demand. The expansion of the interest rate equalization scheme, the signing of the India-UAE Free Trade Agreement and the acceleration of such deals with the UK and Australia would boost cotton textile exports, he stressed. However, there are constraints in the supply chain and in order for the industry to remain competitive, the government should eliminate tariffs on raw cotton and include make-up in the duty-free regime for certain items introduced in the Union budget, he added.
