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A year of transformation for Indian textile as exports to grow in double digits

 

A year of transformation for Indian textile as exports to grow in double digits

 

Year 2020-21 is likely to be known as a year of transformation in the history of Indian textile industry. As per Wazir Advisors report, in this year the value of domestic textile and apparel industry fell almost 30 per cent from $106 billion in 2019-20 to $75 billion in 2020-21. The industry is slowly recovering and is expected to grow at 10 per cent CAGR to reach $190 billion by 2025-26.

India currently exports textiles and apparels worth $28.4 billion. A 15 per cent decline in exports, since 2019-20. However, exports are expected to recover soon and grow at 11 per cent CAGR to reach $65 billion by 2025-26.

Cotton dominates natural fiber production

In 2019-20, India produced 9,279 kg of staple fibers. Of this, the production of natural fibers amounted to 7,514 kg. Cotton was most produced natural fiber during the year. In 2019-20, India produced 5,750 kg of cotton while production of wool was 45 kg and silk 36 kg.

India also produced 1,765 kg of manmade staple fibers during 2019-20. Majority of this was dominated by polyester which amounting to 1,085 kg. This was almost a 7 per cent annual increase from 1,347 kg in 2015-16. However, the highest increase in fiber production was recorded in viscose staple fibers whose production grew by 14 per cent from 342 kg in 2015-16 to 578 kg in 2019-20.

Manmade fiber exports amount to $503 million

In 2019-20, a base year for the textile and apparel industry, India exported fibers worth $1,891 million. Of this, the export value of natural fibers was $1,388 million while manmade staple fibers amounted to $503 million. In natural fibers, export of cotton fibers amounted to $1,057 million while that of silk amounted to $14 million and wool $26 million.

Polyester dominated India’s exports of manmade staple fibers in 2019-20. During the year, India exported polyester fibers worth $289 million while its exports of viscose fibers amounted to $148 million. Since the previous base year of 2015-16, India polyester staple fiber exports have grown by 10 per cent CAGR while viscose fiber exports have declined by 14 per cent CAGR.

India produced 5,713 million kg of total spun yarn in 2019-20. Of this, production of cotton spun yarn amounted to 3,996 million kg, constituting 71 per cent if total spun yarn production. India also produced 3,934 million kg of polyester filament yarn during the year. This is a 5 per cent CAGR growth from 2015-16. India exports yarns worth $4,813 million in 2019-20.

In 2019-20, India’s yarn exports stood at $4,813 million. Of this, export of spun yarns amounted to $3,593 million and export of manmade staple fiber yarns amounted to $1,162 million. Cotton yarns dominated spun yarn exports with $2,774 million worth of exports while the exported of manmade fibers was dominated by polyester filament yarn at $1,048 million.

Fabric exports grow by 1 per cent

India produced 7,436 million sq m of fabric in 2019-20. Its fabric production has grown at 2 per cent CAGR in the past five years. India’s fabric production from the decentralized sector has also grown at 5 per cent CAGR during the period while production from the mill sector has grown at 3 per cent CAGR.

India’s fabric exports grew by 1 per cent from 2015-16 to 2019-20. During the year, India exported fabrics worth $5,066 million. Of this, exports of woven fabrics amounted to $4,644 million while that of knitted fabrics amounted to $422 million.

Since 2015-16, India’s technical textiles market is estimated to have grown by 10 per cent CAGR to reach $20 billion in 2019-20. Exports of technical textiles exports grew by 12 per cent CAGR from 2015-16 to reach $2,423 million in 2019-20. However, the market is expected to have declined by 25 per cent to reach $15 billion in 2020-21.

 
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