Giving a huge boost to the domestic industry, India’s textiles and apparel exports rose by 9.7 per cent in May this year compared to the same period in 2023.
As per a report by the Confederation of the Indian Industry (CITI), India’s textile and apparel exports increased to $3,089.19 millionduring the month, from $2,816.1 million registered in the corresponding month of the previous year. Textiles exports rose by 9.59 per cent Y-o-Y while apparel exports increased by 9.84 per cent.
However, India’s import of textile yarns, fabrics and made-ups declined by 0.45 per cent during April-May 2024 compared to the same period last year. Apparel imports fell by 16 per cent in April 2024 compared to April 2023. From Jan-Apr’24, India’s apparel imports declined by 18.4 per cent compared to corresponding period last year.
According to ChandrimaChatterjee, Secretary General, Confederation of Indian Textile Industry, a slight improvement in global demand has spiked India’s textile and apparel exports.
Bangladesh and China continued to be the primary destinations for garment imports by India. However, apparel imports by India have been on a decline due an increased demand from Western markets and higher production costs in Bangladesh. Whether this trend continues, remains to be seen.
