Exports rebounded strongly with a 15.1 per cent year-on-year rise to hit $38.75 billion in 2020-21 fiscal year thanks to the revival of garment shipments.
In 2019-20 fiscal year, the figure stood at $33.67 billion.
However, the total export receipt in FY21 was 5.47 per cent below the annual target of $41 billion, according to data released by the Export Promotion Bureau (EPB) today.
In month-wise comparison, the export earnings showed a significant growth.
In June alone last year, the earnings from merchandise shipment grew by 31.77 per cent year-on-year from $2.71 billion to $3.57 billion, which was also 2.52 per cent below the target of $3.67 billion.
In the last fiscal year, garment shipment registered a 12.55 per cent year-on-year growth to hit $31.45 billion even during the pandemic.
Despite the double digit growth, the figure was still 6.89 per cent below the annual target of $33.78 billion.
Of the total earnings from the garment shipment, knitwear items fetched $16.96 billion, registering a strong 21.94 per cent year-on-year growth. Woven, which was in the negative territory over the last one and a half year, also registered a 3.24 per cent positive growth to reach $14.49 billion at the end of the last fiscal year.
Home textile also showed a very positive export growth by reaching the $1 billion mark for the first time.
In the last fiscal year, earnings from home textile grew by 49.17 per cent to reach $1.13 billion, according to EPB data.
The demand for both knitwear and home textile items soared globally as people stayed at homes for a long time due to lockdown and pandemic, exporters said.
