Driven by a strong demand from the US and the European markets, India's apparel exports grew by 11.85 per cent in July, as per data compiled by the Confederation of Indian Textile Industry (CITI).
Apparel exports from India to these two regions rose to $1,277.20 million from $1,141.95 million during the month as compared to the corresponding month previous year. However, textile exports dipped marginally to $1,660.36 million from $1,663.06 million the previous year.
Overall, India’s the textile and apparel exports to these two markets grew by4.73 per cent to $2,937.56 million during the month from $2,805.01 million in July 2023.
RakeshMehra, Chairman, CITI, notes, this year has shown promising progress for India's textile and apparel exports, particularly in key markets such as the US, the European Union, and the UK. The growth in these markets contributessignificantlyto the increase in Indian apparel exports.
Highlighting the potential benefits of recent Free Trade Agreements (FTAs) like the India-Australia Economic Cooperation and Trade Agreement (ECTA) and the India-UAE Comprehensive Economic Partnership Agreement (CEPA), Mehra says, these agreements will provide additional momentum to India's exports, helping the industry maintain its position as a key player in the global textile and apparel market.
From Apr-July’24, India's cumulative merchandise exports increased by 4.15 per cent to $144.12 billion from $138.39 billion recorded in the same period last year.
Despite global challenges, including geopolitical tensions in West Asia, India's exports remained resilient, underscoring the country's strong performance in the global market, emphasisesSunil Barthwal, Commerce Secretary.
