India’s T&A Exports Show Steady Growth In Q1 2024
The latest quick estimates released by the Ministry of Commerce & Industry reveal a promising outlook for India’s textile and apparel sectors, showcasing steady growth during the first quarter of 2024
In June 2024, exports of cotton yarn, fabrics, made-ups, and handloom products saw a modest increase of 0.92% compared to June 2023, reaching US$ 960 million. This growth contributed to a substantial 5.71% rise in the same category for the April-June 2024 period, amounting to US$ 2916 million.
Man-made yarns, fabrics, and made-ups also experienced a slight increase of 2.79% to US$ 383 in June 2024 over the previous year, with quarterly growth stabilizing at 0.37%, totaling US$ 1165 million.
The readymade garments (RMG) segment registered a notable 3.68% growth in June 2024, with a quarterly increase of 4.20%, reaching US$ 3850 million. Similarly, the carpet export sector exhibited a robust 10.64% rise in June and an impressive 11.41% over the quarter, amounting to $363 million.
However, not all segments fared equally well. Exports of jute manufacturing floor coverings saw a decline of 11.08% in June 2024 and a significant drop of 11.95% over the quarter, totaling US$ 83 million. Handicrafts, excluding handmade carpets, also experienced a decrease of 16.56% in June, though quarterly growth was marginal at 0.42%, reaching US$ 408 million.
Overall, the textile sector experienced a negligible growth of 0.05% in June 2024 compared to the previous year, while the apparel sector saw a 3.99% increase during the same period. Combined, textiles and apparel exports grew by 1.63% in June 2024 over the previous year, with a quarterly growth of 4.08%, totaling US$ 8785 million.
Imports Reflect Diverse Trends
On the import side, raw cotton and waste imports declined significantly by 26.16% in June 2024 compared to June 2023, and by 23.42% over the April-June period, amounting to US$ 152 million. Conversely, imports of textile yarn, fabrics, and made-up articles surged by 23.83% in June 2024, with a quarterly increase of 7.47%, totaling US$ 557 million.
