The value of India’s clothing exports has taken a significant hit during the first half of 2023 due to uncertain global market conditions. Official data reveals that Indian apparel exports dropped to $8 billion in the first half of 2023, a notable decrease from the $9.38 billion recorded in the same period last year.
This decline is further emphasized when looking at the quantity of clothing pieces exported. In the first half of 2023, India shipped 1.80 billion apparel pieces, which is notably lower than the 2.22 billion pieces sent during the same period in the previous year. This amounts to a substantial 19.21% decrease in quantities year-on-year, indicating the challenges faced by the Indian apparel export sector.
What’s of particular concern is India’s struggle to surpass its impressive achievement in 2017 when the country achieved a record-breaking export figure of $17.34 billion in a single calendar year. Although the following year, 2022, saw the second-highest export earnings at $16.74 billion, the current market dynamics raise doubts about the possibility of crossing the $17 billion mark this year.
