India's textiles and apparel exports rose by 4.08 per cent to $8.785 billion during Q1, FY24 spanning April-June 2024. Textile exports increased by 3.99 per cent during this quarter while apparel exports grew by 4.20 per cent.
According to the Ministry of Commerce and Trade, India’s T&A exports increased by 6.04 per cent Y-o-Y to $4.935 billion in April-June 2024 from $4.746 billion in the corresponding quarter of the previous fiscal. Exports of cotton yarn, fabrics, made-ups, and handloom products rose by 5.71 per cent to $2.916 billion while man-made yarn, fabrics, and made-ups shipments increased by 0.37 per cent to $1.165 billion.
In June 2024, India’s T&A exports amounted to $2.919 billion. Textile exports saw amarginal growth of 0.05 per cent to $1.625 billion from $1.624 billion in June 2023. Exports of cotton yarn, fabrics, made-ups, and handloom products grew by 0.92 per cent to $959.55 million and man-made yarn, fabrics, and made-ups shipments increased by 2.79 per cent to $383.16 million.
Apparel exports improved by 4.20 per cent to $3.849 billion during the April-June 2024 quarter, compared to $3.694 billion in the corresponding quarter of the previous year. In May 2024, apparel exports increased by 3.68 per cent to $1.293 billion from $1.248 billion in May 2023.
On the other hand, imports of raw cotton and waste declined by 23.42 per cent to $152.01 million in Q1 spanning April-June 2024 from $198.49 million in the same period of 2023.
However, imports of textile yarn, fabric, and made-ups increased by 7.47 per cent to $557.2 million from $518.4 million. Specifically, the inbound shipment of raw cotton and waste dropped by 26.16 per cent to $70.22 million, while imports of textile yarn, fabric, and made-ups rose by 23.83 per cent to $209.23 million in June 2024.
RakeshMehra, Chairman, Confederation of Indian Textile Industry (CITI), attributes the increase in India’s T&A exports to a greater share of the US market relative to competitors.
The US accounts for about 27 per cent of India’s total T&A exports. From Jan-May’24, India’s T&A exports to the US increased by about 2.5 per cent compared to the same period in 2023, while exports from competitors like China and Bangladesh declined by about 1.3 per cent and 11.9 per cent, respectively.
