INDIA’S FOREIGN TRADE OF TEXTILE AND APPAREL PRODUCTS: A STUDY OF COMPOSITION AND DIRECTION OF TRADE

DOI: https://doi.org/10.56815/IJMRR.V1.I4.2022/44-53

Abstract

In the scenario of globalization foreign trade has become the strength of any economy. The textile and apparel industry in India ranks next to agriculture sector and plays a vital role in the economy. The textile sector captures a distinct place in our country. It is one of the earliest sector come into India since decades. It accounts nearly 30 percent of total export and contributes 14 percent of total industrial production. The purpose of this research study is to investigate the composition of foreign trade of principle commodities of textile and apparels and direction of textile trade with top 10 countries. To analyze these statistical tools used here are CAGR, percentage and indices. The study reveals that there is shift in the composition and direction of trade in past five years. The CAGR of commodities like Readymade garments, Manmade textiles, wool and woolen textile, Handloom products shows negative result and there is a need to take appropriate action in this regard to boost the export of such products.