Union Minister of Textile Piyush Goyal said on Saturday that the country’s textiles exports have started showing signs of growth after getting impacted due to external problems, reported news agency PTI. Goyal also expressed hope that exports of cotton and yarn would start reigniting from April.
The report said Goyal talking with reporters said, “Textiles exports have a twin problem. Many countries are facing foreign exchange problems post-Ukraine conflict, due to which many destinations have cut down non-essential imports,”
He cited examples of Indian consignment coming back from Egypt as the African nation did not have foreign exchange to pay for it. Many countries are not accepting non-essential goods from outside their territory, he said.
According to Piyush Goyal, the whole also holds the portfolio of Minister of Commerce and Industry, another reason was post-Covid there were a lot of pent-up demands, people were purchasing in large quantities of products like textiles and gems and jewelry, the report said.
“I have been engaged with export promotion councils regularly and the latest information is that most of the inventories are now consumed, economies are starting to get back into shape. I think the world has kind of learnt to live with the challenges and crisis…and the figures also seem to suggest that the exports are up again,” Goyal said while replying to a question about the reason behind the dip in textile exports.
On the dip in cotton and yarn exports, he explained that the outbound shipments were all-time high last year due to inflation. This year due to international problems there was a dip in exports of cotton and yarn.
“We hope to see that also reigniting from April 1,” he added.
Ready-made garments of all textiles’ sales fell by around 3.5 per cent in January to $1.5 billion. However, during April-January this fiscal, it rose by 5.22 per cent to $13.4 billion. Over the months of April through January of this fiscal year, exports of cotton yarn, textiles, made-ups, and handloom products fell by 28.7 per cent to $9 billion, the report said.
(With Inputs From PTI)