India’s overall textile and apparel exports in H1 have witnessed a decline of 29 per cent amongst which exports of filament and apparel have shown the highest dip of 49 per cent and 39 per cent, respectively.
The fabric export witnessed negative growth of 34 per cent, while home furnishing was also on down side by 16 per cent. Only fibre segment saw growth, in this time period, which was 23 per cent.
At the same, India’s textile & apparel imports were also down by 52 per cent in H1, FY 21 compared to H1, FY 20.
In Q2 FY21, however, exports of fibre have shown a significant recovery of 78 per cent Y-o-Y due to the increase in cotton exports amidst US ban on purchase of cotton products from China.
On home textiles front, exports witnessed a steady recovery in Q2, led by high hygiene and wellness consumption across the US and EU territories.
Data is shared by leading consultancy firm Wazir Advisors’ Wazir Textile Index – H1 FY21. The textile sector performance update report also says that as compared to H1 FY20, the textile index has seen a drastic drop in sales and EBITDA (Earnings Before Interest Tax Depreciation & Amortization) in H1 FY21 owing to the COVID-19 pandemic.
There is decrease in overall sales by 36 per cent and in overall EBITDA by 58 per cent for the top companies. At the same time, raw material cost and manpower cost also decreased by 36 per cent and 23 per cent, respectively, during the same period.
The Index is based on 10 leading companies of textile and apparel sector namely Arvind, Vardhman, Welspun India, Trident, Raymond, KPR Mill, Filatex, RSWM, Sutlej and Nahar Spinning having total turnover of around Rs. 40,000 crore.