Industry sources said the export markets continue to be dull, with few new orders, but expressed the hope that by June-July, the markets may return to normalcy, as the consumption season peaks.
As per the provisional figures, knitwear exports from Tirupur grew just 2.5% to ₹34,350 crore in FY23, which is not only lower by the historical trend excepting the pandemic period, but was also lower than the country's overall knitwear export growth of 3.76% in the year.
India's knitwear exports stood at ₹63,239 crore in FY23.
According to KM Subramanian, president, Tirupur Exporters' Association (TEA), exports from the hub have slowed since August, with negative growth in all subsequent months except November. Despite that, we could surpass last year's figures. Our major markets such as US and EU were in slowdown during those period."
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