CITI: Indian Textile Exports Surge 24.29%, While Apparel Dips 8.08% In Oct. 2023
In a recent analysis by the Confederation of Indian Textile Industry (CITI), the October 2023 performance of Indian textile and apparel exports has showcased a tale of contrasting trajectories.
Indian textiles exports witnessed a substantial growth of 24.29%, reaching US$ 1643.36 million in October 2023 compared to the same period last year. However, the apparel sector experienced 8.08% decline, recording US$ 908.79 million in exports during the same month.
In a broader context, when compared to October 2021 figures, both textiles and apparels have faced significant setbacks, declining by 25.99% and 27.54%, respectively.
The cumulative exports of textiles and apparels showed an overall growth of 10.44%, amounting to US$ 2,552.15 million compared to the same month in 2022. However, looking back at October 2021, there has been a substantial decline of 26.55% in the cumulative exports of textiles and apparels.
Textile exports during April-October 2023 registered a slight fall of 0.41%, totaling US$ 11,525.94 million over the previous year. The apparel sector faced a more pronounced decline, with a 14.58% fall, reaching US$ 7,825.21 million during the same period. Compared to April-October 2021, textile exports fell by 19.55%, while apparels exports declined by 8.88%.
The cumulative exports of textile and apparels amounted to US$ 19,351.15 million, reflecting a decline of 6.67% compared to the same period in 2022. When contrasted with April-October 2021, there is a notable decline of 15.55%.
The CITI analysis indicates a dynamic landscape for the Indian textile and apparel industry, with textiles showing resilience, while the apparel sector facing challenges. Industry experts are closely monitoring these trends to understand the broader implications on the nation’s export economy.
