31 August 2023, Mumbai
The price of women's knitwear in India has surged to $4.6 per unit in May 2023, following two consecutive months of growth.
This is the highest price since September 2022. The price increase is attributed to a number of factors, including rising raw material costs, increased demand from overseas markets, and a weaker Indian rupee.
Multiple data points
Overseas shipments of women's knitwear from India also increased by 3.2% in May 2023 to 9.6 million units. However, exports have been declining overall since reaching a peak of 16 million units in February 2023. The United States, Germany, and Australia are the top three destinations for Indian women's knitwear exports.
Inflation; The rising price of women's knitwear in India is likely to put pressure on household budgets and could dampen demand in the coming months.
Bright spot
However, the strong export performance suggests that the Indian knitwear industry is still competitive in the global market.
