Mumbai (Maharashtra) [India], October 4 (ANI): The global textile and clothing trade has contracted by around five per cent in 2020 as compared to 2019, according to Synthetic and Rayon Textiles Export Promotion Council (SRTEPC).
SRTEPC organised its 67th Annual General Meeting recently at Head Office in Mumbai.
Addressing the meeting, SRTEPC chairman Dhiraj R Shah said the global textile and clothing trade has contracted by around five per cent in 2020 as compared to 2019, whereas global man-made fibres (MMF) and MMF blended textiles trade has declined by around two per cent.
He also said that in 2020, total global fibre production was recorded at around 111 million tons. The share of natural fibres in world fibre production fell from 41 per cent in 2008 to less than 30 per cent in 2020. Whereas global MMF production witnessed around 10 per cent growth to around 80 million tons in 2020, he added.
Shah also said that during 2020, exports of Indian textiles and clothing declined by around nine per cent from USD 34 billion to USD 31 billion. Exports of MMF and MMF blended textiles also witnessed a decline of nearly 20 per cent during 2020-21 as compared to 2019-20.
The exports of manmade fibres witnessed a decline of 26 per cent, MMF yarns declined by 24 per cent, MMF fabrics declined 28 per cent and MMF Made-ups declined 6 per cent during 2020-21. The share of the value-added segments like fabrics and Made-ups was 63 per cent in total exports, he said. (ANI)