Textile exports rose by 2.76 per cent to $10.155 billion in the first six months of fiscal 2024-25 (April-September 2024), compared to $9.882 billion in the same period of the previous fiscal. Apparel exports also grew by 8.51 per cent, reaching $7.505 billion, up from $6.916 billion in the corresponding period last fiscal. The share of textiles and apparel (T&A) in India's total merchandise exports increased to 8.28 per cent during this time, according to the latest figures from the Ministry of Commerce and Trade.

In the textile sector, cotton yarn, fabrics, made-ups, and handloom products saw a modest rise of 0.79 per cent, reaching $5.946 billion in the first six months of the current fiscal. Shipments of man-made yarn, fabrics, and made-ups grew by 2.95 per cent to $2.405 billion, while carpet exports rose by 11.41 per cent to $745.74 million.

In September 2024, T&A exports amounted to $2.923 billion. Textile exports grew by 9.56 per cent, reaching $1.813 billion, up from $1.655 billion in September 2023. Garment shipments rose significantly by 17.30 per cent, totalling $1.110 billion, compared to $946.35 million in September 2023. Under textiles, the export of cotton yarn, fabrics, made-ups, and handloom products increased by 3.48 per cent to $1,053.19 million, while man-made yarn, fabrics, and made-ups exports surged by 11.41 per cent to $415.28 million. Carpet exports also saw a 14.93 per cent rise, reaching $180.38 million.

Imports of raw cotton and waste rose by 18.74 per cent to $477.38 million in April-September 2024, up from $402.04 million in the same period of 2023. Imports of textile yarn, fabrics, and made-ups increased by 3.45 per cent from $1,137.56 million to $1,176.76 million during the same period, while the import of raw cotton and waste surged by 236.26 per cent from $39.91 million to $134.2 million. However, imports of textile yarn, fabrics, and made-ups fell by 1.80 per cent to $198.14 million in September 2024.

In the fiscal 2023-24, India’s exports of textiles and apparel totalled $34.430 billion, a 3.24 per cent decrease from $35.581 billion in fiscal 2022-23. Apparel exports dropped by 10.25 per cent, reaching $14.532 billion from $16.190 billion, while textile exports grew by 2.62 per cent to $19.898 billion from $19.390 billion in fiscal 2022-23.

India imported raw cotton and waste worth $598.63 million, 58.39 per cent less than the $1,439.70 million recorded in 2022-23. The import of textile yarn, fabrics, and made-ups also decreased by 12.98 per cent to $2,277.85 million, compared to $2,617.74 million in the previous fiscal.

On latest upward trend in India’s global textile trade, Sudhir Sekhri, chairman of Apparel Exports Promotion Council (AEPC) commented, “India’s RMG exports have outshined despite the global slowdown and continued inflationary pressure. Even the major exporting countries witnessed a showdown in the RMG export growth and WTO also lowered its growth projection for the world merchandise trade to 3 per cent in 2025, from its earlier estimate of 3.3 per cent. India being uniquely placed with low import intensity, existence of the entire ecosystem from fibre to fashion, both in cotton and MMF, abundant and young labour force, we can do much better.”

Mithileshwar Thakur, secretary general AEPC, said, “Indian apparel exports is now on a high growth trajectory. We have started harnessing the untapped potential and have been logging double-digit growth in RMG exports in the last few months in spite of geo-political challenges and consequent supply chain disruptions. India is clearly at the cusp of global attention and the world has started looking at India as a preferred sourcing destination.”

Rakesh Mehra, chairman, Confederation of Indian Textile Industry (CITI), remarked, "India's textile and apparel exports continued to show strong momentum, with a 12.38 per cent growth in September 2024 over the same period of previous year. Apparel exports, in particular, saw an impressive rise of 17.30 per cent reflecting the global demand for quality Indian products. The steady growth of 5.13 per cent in cumulative exports for the first half of fiscal 2023-25 reinforces our sector's resilience and potential in driving economic progress."

Sanjay K Jain, chairman, ICC National Committee, and managing director, TT Limited, commented, “Textile exports are finally taking off after a very long lull of almost 2 years. There is a cumulative impact of declining inventory in global pipeline. Garment imports from developed countries picking up. Bangladesh disturbance and relatively low raw material prices also boosted India’s global trade of textiles and garments.”

Fibre2Fashion News Desk (KUL)