. In a significant economic development, China's textile and clothing exports witnessed a notable decline of 8.1% in 2023, according to recent data released by the Chinese textile sub-council CCPIT-Tex.
In a significant boost to Bangladesh's export diversification efforts, the country's apparel exports to non-traditional markets saw a remarkable 20.54% year-on-year growth in 2023. According to data from the Export Promotion Bureau (EPB), exports to these destinations surged to $8.87 billion from $7.36 billion in the previous year.
In a significant move to bolster the textile industry, the Indian government has sanctioned a subsidy of approximately ₹52 crore for 400 textile processing units within the Ichalkaranji Powerloom Megacluster. This subsidy aims to facilitate the upgradation of existing machinery and the acquisition of new equipment.