Tirupur: Indian knitwear export trade to USA, Europe and UK has grown tremendously.
Of the country’s total knitwear export trade, 33 per cent is to the US and 27 per cent to Europe.
In the last fiscal year 2019-20, knitwear worth 14 thousand 39 crore rupees was exported to America and 16 thousand 315 crore rupees to Europe.
Due to Corona, in the financial year 2020-21, the exports to America, 12 thousand, 561 crores and to Europe, 12 thousand, 989 crores decreased.
The country’s total knitwear export trade for that financial year fell to Rs 46,892 crore.
Export trade has stabilized due to the abatement of Corona. Due to the rise in the price of cotton in the country, the price of osiri wool, a raw material for knitwear, has also gone up.
Due to this, the importers are offering slightly higher prices for knitwear.
As global traders have started reducing their dependence on China, orders have increased for Indian knitwear manufacturers.
In the last fiscal year 2021-22, the knitwear export trade to America has increased to 20 thousand, 232 crore rupees, a growth of 61.07 percent, and the export to Europe has increased to 16 thousand, 656 crore rupees, a growth of 28.23 percent.
In the last financial year 2020-21, the export trade to Britain increased by 23.07 percent to 5,366 crore rupees from 4,360 crore rupees. This has made the knitwear industry happy.
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