Exports of Indian manmade fiber textile products are expected to boost following the signing of a free trade agreement (FTA) with UAE and Australia and the expected FTA with the UK.
Manmade fiber textile product exports are expected to total US $11.4 billion, a massive increase of 75 percent over $6.5 billion in fiscal 2021-22.
India ranks second behind China in the production of manmade fibers and the surge in exports is expected to be driven by home textiles like curtains, drapes, interior blinds, and other textile products.
“Other drivers for export growth include the increasing potential of technical textiles,” a senior official of a manmade fibers trade body informed.
Currently, MMF textile products account for 72 percent of all textile products globally and these products have outpaced the consumption of natural fiber products.
India aims to consolidate its presence by expanding exports to the US, UK, Brazil, Turkey and other countries across the world
The roadmap includes increasing the production capacity of polyester fibre-based woven and knitted fabrics, while also streamlining the processing of fabrics made from these fibers.
