India’s Textile And Apparel Exports Surge 4.08%
India’s textiles and apparel sector has shown promising growth, with exports rising by 4.08% to US$ 8.785 billion in April-June 2024. This performance comes amid a shifting global market, where India’s strategic positioning and competitive advantages are becoming more evident.
Textile exports saw a 3.99% increase in the first quarter of fiscal 2024-25, while apparel exports grew by 4.20%. Despite these gains, the textiles and apparel (T&A) sector’s share in India’s total merchandise exports dropped to 7.99%, highlighting the challenges within the global trade environment.
The Ministry of Commerce and Trade’s latest figures show that T&A exports stood at US$ 8.440 billion in April-June 2023. This year’s growth was driven by a 6.04% increase in textile exports to US$ 4.935 billion and significant contributions from cotton yarn, fabrics, made-ups, and handloom products, which rose by 5.71% to US$ 2.916 billion. Man-made yarn, fabrics, and made-ups saw a modest 0.37% increase to US$ 1.165 billion, while carpet exports surged by 11.41% to US$ 263.37 million.
June 2024 alone saw T&A exports of US$ 2.919 billion. Textile exports grew marginally by 0.05% to US$ 1.625 billion, with notable gains in cotton yarn, fabrics, made-ups, and handloom products, which increased by 0.92% to US$ 959.55 million. Man-made yarn, fabrics, and made-ups grew by 2.79% to US$ 383.16 million, and carpet exports increased by 10.64% to US$ 121.44 million.
India’s apparel sector also showed robust performance, with exports rising by 4.20% to US$ 3.849 billion in April-June 2024. May 2024 saw apparel exports increase by 3.68% to US$ 1.293 billion, reflecting the sector’s resilience and adaptability.
However, imports of raw cotton and waste declined by 23.42% to US$ 152.01 million in April-June 2024, indicating a shift towards greater self-reliance and efficient domestic production. Imports of textile yarn, fabric, and made-ups improved by 7.47% to US$ 557.2 million, underscoring the sector’s growing demand for quality inputs.
For fiscal 2023-24, India’s T&A exports were valued at US$ 34.430 billion, down 3.24% from US$ 35.581 billion in 2022-23. Apparel exports decreased by 10.25% to US$ 14.532 billion, while textile shipments increased by 2.62% to US$ 19.898 billion. The decline in raw cotton and waste imports by 58.39% to US$ 598.63 million, and a 12.98% decrease in textile yarn, fabric, and made-ups imports to US$ 2.278 billion, point towards a strategic shift in sourcing and production.
Rakesh Mehra, chairman of the Confederation of Indian Textile Industry (CITI), attributes the sector’s success to India’s growing market share in the US, which accounts for about 27% of India’s total T&A exports. From January to May 2024, India’s T&A exports to the US grew by 2.5%, while exports from China and Bangladesh declined by 1.3% and 11.9%, respectively. This shift underscores India’s increasing competitiveness and appeal in the global market.
