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Friday, February 23, 2024

Indian MMF textile exports drop 4.8% in August 2023

Indian manmade fiber (MMF) textile exports stood at $471 million in August 2023, down 4.8 percent from $495 million in August 2022.

In the April to August months of 2023, MMF textile shipments reached $2,260 million, dropping by 12 percent compared to the same period in the previous year.

However, exports of fabrics witnessed a 15 percent growth, but this growth was offset by a fall in other MMF segments like fibers, yarns, and home textiles.

Between April and August 2023, MMF fabrics accounted for 38 percent of total MMF textile exports and was the biggest exporter earner in the MMF textiles category.

As per the report from the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC), MMF yarns followed with 29 percent share, MMF home textiles at 25 percent, and MMF fibers at 8 percent.

In the first five months of fiscal 2024 ending August, exports of polyester staple fiber (PSF) fell 32 percent and partially oriented yarn (POY) slipped by a massive 55 percent.

On the other hand, viscose staple fiber (VSF) over shipments grew significantly by 83 percent in the same period.

Exports of MMF textiles in the April to August 2023 period to the US had a 15 percent share, followed by Turkey with an 11 percent share, UAE with 7 percent, and Bangladesh with 5 percent.

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