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ICICI Direct Report
The textile chain has recently been marred by various challenges such as:
all-time high cotton prices (up two times YoY),
increasing freight expenses and delay in order delivery owing to port congestion for global retail chains,
inability/reluctance of U.S. retailers to absorb higher prices owing to recent spike in inflation impacting consumer sentiments,
inventory pile up for large global retailers.
Indian home textile players witnessed a decline in market share in the U.S. Also, India’s apparel export data in May 2022 has seen a receding trajectory.
U.S. is one of the key textile markets for India accounting for 50% of home textile exports and 28% of apparel exports. Hence, reduced purchasing power in key export markets would negatively impact order book of Indian exporters.
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