India’s wool products exports touch $1.74 billion in FY2023-24

India exported wool products worth $1.74 billion in FY2023-24. Exports of woolen ready-made garments, carpets, yarn and fabrics were worth $1.45 billion from April-January 2023-24.

Among these, wool carpets exports was the highest with 80 per cent share. India exported wool carpets worth $1.34 billion during the year while woolen yarn and fabrics worth $192 million were exported. RMG products worth $202 million were also exported by India in FY24.

The major exports market for wool fabrics, hand-made carpets and ready-made garments were the US, the UK, Italy, Germany, Australia, UAE, Netherland, Sweden, France, Japan, etc. US imported products worth $853 million during the year followed by the UK and Germany with imports worth $123 million and $96 million respectively. India also exported wool products worth $86 million to Italy, $57 million to Australia and $45 million to the UAE during the financial year.

Majority of India’s woolen carpets are exported to the US. In 2023-24, the country exported carpets worth $803 million to the US, with its share constituting 59 per cent of total.India mainly exports woolen ready-made garments to the US, the UK, UAE, Oman, Germany, France, Hong Kong, and Afghanistan. Combined together, these countries accounted for 75 per cent of the total woolen garments’ exports from India during 2023-24.

To improve India’s competitiveness in the global wool market, the Ministry of Textiles allocated Rs 126 crore under the Integrated Wool Development Program (IWDP). This scheme aims to harmonize the wool supply chain, link the wool industry and producers, and provide a marketing platform to the smaller woollen products manufacturers in India. Through this scheme, the Ministry of Textiles aims to improve the quality of woolen products by increasing wool testing, improve the tools available for manufacturing and providing skill development and capacity building capabilities to hand-made manufacturers.