India's exports of technical textiles rise to $717 mn in Apr-Jun 2023

12 Sep '23

3 min read

Pic: Shutterstock.com

Insights

In the first quarter of fiscal 2023-24, India saw a modest 1 per cent increase in technical textiles exports, raising the total to ₹5,946 crore ($716.9 million).
Analysis by the ITTA noted significant growth in several sectors including a 21 per cent increase in mobitech exports and a notable 91 per cent increase in speciality fibre segment.

India’s exports of technical textiles exhibited modest growth in the first quarter of the current 2023-24 fiscal (April-March), inching up by one per cent to ₹5,946 crore ($716.9 million), a slight increase from ₹5,908 crore in April-June 2022. The data released by India's ministry of commerce and industry indicated that the shipment value in June 2023 was slightly higher at ₹1,982 crore, compared to ₹1,977 crore during the same period last year.

The Indian Technical Textile Association (ITTA) conducted an analysis revealing significant growth in several segments. The exports of mobitech reached ₹732 crore, marking a growth of 21 per cent in the period from April to June 2023. Similarly, shipments of agrotech touched ₹229 crore, a rise of 11 per cent, buildtech at ₹296 crore (a 17 per cent increase), and geotech at ₹478 crore (up by 19 per cent). Further figures include indutech at ₹724 crore (a 14 per cent growth), meditech at ₹708 crore (increased by 1 per cent), protech with ₹232 crore (a substantial rise of 52 per cent), and sportech at ₹291 crore (up by 6 per cent). The speciality fibre segment showcased a remarkable 91 per cent growth, reaching ₹173 crore, while composites increased by 34 per cent to ₹62 crore, according to trade data released by India’s ministry of commerce and industry.

In the most recent month, June 2023, exports of buildtech reached ₹113 crore, representing a 28 per cent increase. The geotech sector followed suit with ₹179 crore, showcasing a remarkable 85 per cent growth. Other sectors experiencing growth include indutech at ₹234 crore (an 11 per cent increase), mobitech at ₹277 crore (up 18 per cent), and protech with ₹58 crore (a 9 per cent rise). Additionally, sportech exports stood at ₹104 crore, marking a 7 per cent increase, while speciality fibre escalated to ₹50 crore, up by 64 per cent. Lastly, the composites sector saw a growth of 37 per cent, amounting to ₹22 crore.

Unlike the above-mentioned segments of technical textiles, several other sectors underperformed during the period. Packtech, the largest exporting segment, experienced the most significant decline in shipments, dropping 23 per cent to ₹1,615 crore from ₹2,093 crore in the April-June 2022 period. Additionally, the clothtech sector decreased by 15 per cent, totalling ₹69 crore, followed by hometech and nonwovens which decreased by 11 per cent each, amounting to ₹49 crore and ₹288 crore, respectively.

In June 2023, India's shipment of packtech registered at ₹524 crore, representing a decline of 24 per cent compared to June 2022. Agrotech was down by 2 per cent at ₹66 crore, clothtech decreased by 30 per cent to ₹16 crore, and hometech fell significantly by 54 per cent, amounting to ₹9 crore. Furthermore, meditech saw a decrease of 6 per cent with trade valuing ₹229 crore, while nonwovens experienced an 11 per cent decrease, totalling ₹101 crore.

According to the analysis, 10 out of the 14 segments in the technical textiles sector saw gains in the first quarter. However, in June 2023, only eight segments experienced an increase in shipments.

Fibre2Fashion News Desk (KUL)