India's Price for Tufted Carpets Hits a Low Point at $9.7 Per Square Meter

India Tufted Carpet Export Price in March 2023

In March 2023, the tufted carpet price stood at $9.7 per square meter (FOB, India), declining by -2.3% against the previous month. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in August 2022 when the average export price increased by 6.3% m-o-m. As a result, the export price reached the peak level of $10,608 per thousand square meters. From September 2022 to March 2023, the the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In March 2023, the country with the highest price was France ($10.6 per square meter), while the average price for exports to Brazil ($4.6 per square meter) was amongst the lowest.

From March 2022 to March 2023, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+1.0%), while the prices for the other major destinations experienced more modest paces of growth.

India Tufted Carpet Export Prices by Type

Prices varied noticeably by the product type; the product with the highest price was carpets and other textile floor coverings; tufted, of wool or fine animal hair, whether or not made up ($17.6 per square meter), while the average price for exports 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 $7.5 per square meter.

From March 2022 to March 2023, the most notable rate of growth in terms of prices was recorded for the following types: carpets and other textile floor coverings; tufted, of wool or fine animal hair, whether or not made up (+0.2%), while the prices for the other product experienced more modest paces of growth.

India Tufted Carpet Exports

In March 2023, shipments abroad of tufted carpets and other tufted textile floor coverings was finally on the rise to reach 3.2M square meters after two months of decline. Over the period under review, exports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in December 2022 with an increase of 10% against the previous month. The exports peaked at 6.1M square meters in March 2022; however, from April 2022 to March 2023, the exports stood at a somewhat lower figure.

In value terms, tufted carpet exports rose remarkably to $31M (IndexBox estimates) in March 2023. In general, exports, however, showed a deep contraction. The pace of growth appeared the most rapid in November 2022 when exports increased by 13% m-o-m. The exports peaked at 62M square meters in March 2022; however, from April 2022 to March 2023, the exports remained at a lower figure.

India Tufted Carpet 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 (2.5M square meters) was the largest type of tufted carpet exported from India, accounting for a 78% 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 (705K square meters), fourfold.

From March 2022 to March 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 amounted to -3.7%.

In value terms, carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up ($19M) and carpets and other textile floor coverings; tufted, of wool or fine animal hair, whether or not made up ($12M) constituted the most exported types of tufted carpets and other tufted textile floor coverings from India worldwide.

Among 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 rates of growth with regard to the value of exports, over the period under review.

India Tufted Carpet Exports by Country

The United States (1.7M square meters) was the main destination for tufted carpet exports from India, with a 53% share of total exports. Moreover, tufted carpet exports to the United States exceeded the volume sent to the second major destination, the UK (176K square meters), tenfold. The third position in this ranking was held by Germany (147K square meters), with a 4.5% share.

From March 2022 to March 2023, the average monthly growth rate of volume to the United States stood at -5.6%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the UK (-5.8% per month) and Germany (-4.1% per month).

In value terms, the United States ($18M) remains the key foreign market for tufted carpet exports from India, comprising 57% of total exports. The second position in the ranking was held by the UK ($1.7M), with a 5.5% share of total exports. It was followed by Germany, with a 4.5% share.

From March 2022 to March 2023, the average monthly rate of growth in terms of value to the United States amounted to -5.9%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the UK (-5.7% per month) and Germany (-5.1% per month).

Source: IndexBox Market Intelligence Platform