India's T&A exports sustain momentum in Oct 2024, industry optimistic

Textile exports grew by 4.01 per cent to $11.988 billion in the first seven months of FY 2024-25, compared to $11.526 billion in the same period of the previous year. Apparel exports rose by 11.60 per cent, reaching $8.732 billion, up from $7.825 billion in the corresponding period last fiscal. The share of textiles and apparel (T&A) in India’s total merchandise exports increased to 8.21 per cent during this period, as per the Ministry of Commerce and Trade.

Within the textile sector, exports of cotton yarn, fabrics, made-ups, and handloom products increased modestly by 1.66 per cent, reaching $6.991 billion in the first seven months of this fiscal. Exports of man-made yarn, fabrics, and made-ups rose by 4.36 per cent to $2.843 billion, while carpet exports saw a significant 12.26 per cent increase to $892.51 million.

In October 2024, T&A exports totalled $3.061 billion. Textile exports rose by 11.56 per cent, reaching $1.833 billion, up from $1.643 billion in October 2023. Garment shipments grew sharply by 35.06 per cent, totalling $3.061 billion, compared to $2.552 billion in October 2023. Under textiles, the export of cotton yarn, fabrics, made-ups, and handloom products grew by 6.96 per cent to $1,045.57 million, while man-made yarn, fabrics, and made-ups exports surged by 12.89 per cent to $438.03 million. Carpet exports also increased significantly, rising by 16.79 per cent to $146.79 million.

Imports of raw cotton and waste climbed by 37.92 per cent to $605.10 million in April-October 2024, compared to $438.73 million in the same period of 2023. Imports of textile yarn, fabrics, and made-ups increased by 3.98 per cent, rising from $1,353.14 million to $1,407.04 million. The import of raw cotton and waste surged by an astonishing 248.17 per cent, from $36.68 million to $127.71 million. Similarly, imports of textile yarn, fabrics, and made-ups rose by 8.80 per cent to $234.56 million in October 2024.

In FY 2023-24, India’s textile and apparel exports amounted to $34.430 billion, a 3.24 per cent decline from $35.581 billion in FY 2022-23. Apparel exports dropped by 10.25 per cent, falling to $14.532 billion from $16.190 billion. Conversely, textile exports grew by 2.62 per cent, reaching $19.898 billion from $19.390 billion in FY 2022-23.

India’s imports of raw cotton and waste were valued at $598.63 million in FY 2023-24, a 58.39 per cent decrease from $1,439.70 million in the previous fiscal. Imports of textile yarn, fabrics, and made-ups also declined by 12.98 per cent to $2,277.85 million, compared to $2,617.74 million in FY 2022-23.

Commenting on the export growth, Rakesh Mehra, chairman of the Confederation of Indian Textile Industry (CITI), remarked, “The growth reflects not only the resilience and adaptability of our industry but also underscores India’s strengthening position in the global textile and apparel markets.” He attributed this success to factors such as increased market share in the US and government initiatives like the extension of the Remission of Duties and Taxes on Export Products (RoDTEP) and Interest Equalisation Scheme (IES). He also highlighted the sector’s focus on quality, innovation, and sustainability, which has established India as a preferred global sourcing destination.

Sanjay K Jain, chairman of the ICC National Committee and managing director of TT Limited, added, “The growth continued for the second consecutive month in October 2024, following more than a year of degrowth and stagnation. The Indian textile industry is finally turning around.”

Fibre2Fashion News Desk (KUL)