India’s textile exports grew by 6.91 per cent in March 2024 compared to March 2023, reveals latest Ministry of Commerce and Industry statistics. This growth was driven by an increase in exports of cotton yarn, fabrics, made-up articles, and handloom products, which rose by 6.78 per cent year-on-year in March 2024. However, the data also shows apparel exports declined by 1.70per cent over the same period. This could be due to a number of factors, including rising input costs and increasing competition from other countries.
Overall, textiles and apparel exports from India grew by 2.62per cent in the first three quarters of the 2023-24 financial year compared to the same period in the previous financial year. This is despite a decline of 3.24per cent in overall merchandise exports during the same period.
The Indian textile industry is one of the largest employers in the country, and it plays an important role in the Indian economy. The government has set a target of increasing textile exports to $100 billion by 2030.
Cotton exports on the rise
The Texprocil data shows that cotton yarn, fabrics, made-up articles, and handloom products were a bright spot for Indian exports in March 2024. These products saw a year-on-year growth of 6.78per cent and 6.71 per cent for the first three quarters of the financial year. This growth is likely due to a number of factors, including strong demand from overseas markets and a competitive rupee.
Overall textiles show positive growth
Overall, textiles exports from India registered a growth of 11.18 per cent in March 2024 compared to previous year. This suggests that the Indian textiles industry is performing well despite the headwinds faced by the apparel sector. Man-made yarn, fabrics, made-up articles exports grew by 7.86 per cent in March 2024, but declined by 5.46 per cent for the first three quarters of the financial year.
Exports of jute manufactures declined by 24.13 per cent in March 2024, but grew by 22.71 per cent for the first three quarters of the financial year.
Apparel exports decline
The data also shows, apparel exports have grew a modest 1.70 per cent in March 2024 compared to March 2023 but declined by 10.25 per cent for the first three quarters of the financial year. This decline is likely due to a number of factors, including rising input costs and increasing competition from other Asian countries.
India’s exports of carpets grew 16.23 per cent in March 2024 and 2.13 per cent for the first three quarters of the financial year.
The US remained the top market for Indian cotton yarn, fabrics, made-up articles, and handloom products, accounting for over 25 per cent of total exports. Other major markets include Bangladesh, China, Sri Lanka, and the United Arab Emirates.
Way forward
The statistics show, Indian textile industry is facing a number of challenges, including rising input costs, increasing competition from other countries, and a slowdown in global demand. Overall, the data suggests that the Indian textiles and apparel sector is a mixed bag. While some segments are performing well, others are facing challenges. The future of the sector will likely depend on a number of factors, including the global economic climate and the Indian government's policies. Meanwhile, the government is taking steps to boost the industry, such as by providing subsidies and relaxing labor regulations. The industry is also looking to expand its exports to new markets.
