India's October 2023 Export of Tufted Carpets Surges to $38M

India Tufted Carpet Exports

In October 2023, tufted carpet exports from India rose sharply to 3.8M square meters, with an increase of 5.6% against the previous month's figure. The total export volume increased at an average monthly rate of +2.0% from October 2022 to October 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain months. The most prominent rate of growth was recorded in May 2023 when exports increased by 24% against the previous month. The exports peaked at 4.4M square meters in August 2023; however, from September 2023 to October 2023, the exports failed to regain momentum.

In value terms, tufted carpet exports amounted to $38M (IndexBox estimates) in October 2023. The total export value increased at an average monthly rate of +2.1% over the period from October 2022 to October 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in May 2023 when exports increased by 13% against the previous month. Over the period under review, the exports hit record highs at 42M square meters in August 2023; however, from September 2023 to October 2023, the exports failed to regain momentum.

Exports by Country

The United States (2.1M square meters) was the main destination for tufted carpet exports from India, accounting for a 56% share of total exports. Moreover, tufted carpet exports to the United States exceeded the volume sent to the second major destination, the UK (250K square meters), ninefold. Germany (209K square meters) ranked third in terms of total exports with a 5.5% share.

From October 2022 to October 2023, the average monthly rate of growth in terms of volume to the United States stood at +3.3%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the UK (+4.5% per month) and Germany (+6.6% per month).

In value terms, the United States ($23M) remains the key foreign market for tufted carpet exports from India, comprising 59% of total exports. The second position in the ranking was taken by the UK ($2.4M), with a 6.4% share of total exports. It was followed by Germany, with a 5.3% share.

From October 2022 to October 2023, the average monthly rate of growth in terms of value to the United States totaled +2.5%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the UK (+3.3% per month) and Germany (+7.2% per month).

Exports by Type

Carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up (2.9M square meters) was the largest type of tufted carpet exported from India, accounting for a 76% share of total exports. Moreover, carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up exceeded the volume of the second product type, carpets and other textile floor coverings; tufted, of wool or fine animal hair, whether or not made up (932K square meters), threefold.

From October 2022 to October 2023, the average monthly growth rate of the volume of export of carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up stood at +1.9%.

In value terms, the most traded types of tufted carpets and other tufted textile floor coverings in India were carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up ($22M) and carpets and other textile floor coverings; tufted, of wool or fine animal hair, whether or not made up ($16M).

In terms of the main product categories, carpets and other textile floor coverings; tufted, of wool or fine animal hair, whether or not made up, with a CAGR of +2.6%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In October 2023, the tufted carpet price stood at $10.0 per square meter (FOB, India), remaining relatively unchanged against the previous month. Overall, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in November 2022 an increase of 5.6% month-to-month. As a result, the export price reached the peak level of $10,315 per thousand square meters. From December 2022 to October 2023, the the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was the United Arab Emirates ($16.1 per square meter), while the average price for exports to Brazil ($4.2 per square meter) was amongst the lowest.

From October 2022 to October 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform