India's textiles export crossed the $44 billion mark for the first time. The country's exports reached an all-time high of $44.4 billion in textiles and apparel (T&A) including handicrafts for the financial year FY22.
This is a rise of 41% and 26% over corresponding figures in FY21 and FY20 respectively.
Among the top countries, the United States was the top export destination accounting for 27% share, followed by the European Union (18%), Bangladesh (12%), and UAE (6%).
Further, in terms of product categories, the export of cotton textiles accounted for a 39% share of the total export. It stood at $17.2 billion in FY22 registering a growth of 54% and 67% compared to FY 2020-21 and FY 2019-20, respectively.
Export of ready-made garments stood at $16 billion - accounting for a 36% share of the total exports. They increased y 31% and 3% during 2021-22 over FY 2020-21 and FY 2019-20, respectively.
Also, man-made textiles accounted for 14% share and registered an export of $6.3 billion in FY22 up by 51% and 18% over FY 2020-21 and FY 2019-20, respectively.
Lastly, in FY22, exports of handicrafts stood at $2.1 billion with a 5% share reporting a growth of 22% and 16% over FY 2020-21 and FY 2019-20 respectively.