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Exports of textiles commodities decreased significantly in 2023, falling by 15% to $35.55 billion. Exporters blame the decline on increased interest rates and inflation, which have slowed down retail demand in wealthy nations.
According to disaggregated data released by the Indian Commerce Department a decline in exports to Northeast Asia, Europe, USA, Africa, Latin America and the Caribbean and a slightly risen in exports to Asian and Oceania regions.
Key Regions that dragged exports in FY 2023
| Regions | Exports in FY 22 | Exports in FY 2023 |
| USA | $11.76Bn | $10.44Bn |
| Europe | $10.83Bn | $10.48Bn |
| Africa | $2.29Bn | $2.08Bn |
| Latin America and the Caribbean | $1.79Bn | $1.00Bn |
| North-East Asia | $1.86Bn | $1.16Bn |
Key Regions that drove exports in FY 2023
| Regions | Exports in FY 22 | Exports in FY 2023 |
| Asian | $1000.25bn | $1000.86bn |
| Oceania | $746.02Mn | $776Mn |
