After shrinking 22 per cent to $1.3 trillion in 2020 from $1.6 trillion in 2019, global apparel market recovered to reach $ 1.5 trillion in 2021. As per Wazir Advisors’ annual report ‘Indian Textile and Apparel Industry 2022’, the market is expected to grow at 4 per cent CAGR from 2019-2025 to reach approximately $2 trillion in 2025. In 2020, global textile and apparel trade declined 8 per cent to S$ 774 billion from 2019. Growing at 3 per cent CAGR, trade is expected to reach $1 trillion by 2025.

China leads global exports in 2020

China emerged the largest exporter of textiles and apparels in 2020 with a 38 per cent global share. The second largest textile and apparel exporter was Vietnam. The US was the largest exporter of natural fibers in 2020 with a market share of 30 per cent while China led manmade staple fibre, MMF spun yarn and MMF filament yarn exports with a market share of 17 per cent, 36 per cent and 35 per cent, respectively.

China also emerged the leading exporter of knitted and woven fabrics, apparel and home textiles in 2020; followed by Bangladesh and Vietnam as the second and third largest apparel exporters.

India’s T&A exports to reach $60 billion

From $31 billion in 2020-21, India’s textile and apparel exports are expected to grow 28 per cent to $ 40 billion in 2021-22, the report predicts. Exports are expected to grow further at 11 per cent CAGR to touch $60 billion in 2025-26. A leading textile exporter, India was amongst the top five exporters – of natural yarn and fiber, MMF spun yarn, filament yarn, woven fabric and home textiles during the year. However, it lagged in MMF staple fibers, knitted fabric and apparels.

India was the largest exporter of staple fibers with a share of 71 per cent in 2020-21.It also exported yarns worth $4,329 million during the year. Export of spun yarn declined at a CAGR of 4 per cent while that of filament yarn declined at 8 per cent.

T&A imports to grow 10 per cent CAGR

India’s T&A imports are expected to grow to $8.2 billion in 2021-22 and further to $12 billion by 2025-26. India’s fiber imports declined 4 per cent CAGR to $1 billion in 2020-21. Imports of natural fibers declined though manmade staple fiber imports increased marginally.

India’s yarn imports grew to $1,254 million in 2020-21. Import of certain yarns like manmade spun yarn, VFY and PFY grew substantially while imports of cotton and nylon yarns declined to a large extent. India’s imports of total woven fabric declined 4 per cent CAGR during the year while knitted imports fabric increased 4 per cent CAGR during the period.

However, India’s garment exports declined 6 per cent CAGR to $12,290 million during 2020-21. Exports of made-ups grew at 3 per cent CAGR to reach $7,444 million. India imported garments worth $881 million and $967 million worth of made ups during the year.

Technical textiles export grow

India’s technical textiles market grew at a 10 per cent CAGR in 2019-20. However, the COVID-19 outbreak caused a 12 per cent decline in the market in 2020-21. India’s technical textiles exports grew at 9 per cent CAGR to reach approximately $ 2,370 million during 2020-21. Imports of the same grew to $ 1,395 million during the year.