India's textile & apparel exports up 4.08% to $8.7 bn in April-June

The Ministry of Commerce and Trade's latest trade figures revealed that T&A exports stood at $8.440 billion in April-June 2023. Textile exports increased by 6.04 per cent to $4.935 billion in April-June 2024, up from $4.746 billion in the same period of the previous fiscal. Cotton yarn, fabrics, made-ups, and handloom products saw a 5.71 per cent increase to $2.916 billion in the first three months of the current fiscal. The shipment of man-made yarn, fabrics, and made-ups gained by 0.37 per cent to $1.165 billion, and carpet exports increased by 11.41 per cent to $263.37 million during this period.

T&A exports amounted to $2.919 billion in June 2024. Textile exports increased marginally by 0.05 per cent to $1.625 billion in June 2024, up from $1.624 billion in the same period of the previous fiscal. Cotton yarn, fabrics, made-ups, and handloom products saw a 0.92 per cent increase to $959.55 million in the third month of the current fiscal. The shipment of man-made yarn, fabrics, and made-ups gained 2.79 per cent to $383.16 million, and carpet exports increased by 10.64 per cent to $121.44 million in the same period.

India's apparel exports also improved by 4.20 per cent to $3.849 billion in April-June 2024, up from $3.694 billion in the same period of the previous year. In May 2024, apparel exports increased by 3.68 per cent to $1.293 billion compared to $1.248 billion in the same month of the previous year.

According to the latest figures, imports of raw cotton and waste declined by 23.42 per cent to $152.01 million in April-June 2024, down from $198.49 million in the same period of 2023. Imports of textile yarn, fabric, and made-ups improved by 7.47 per cent to $557.2 million in the first three months of the current fiscal, up from $518.4 million. The inbound shipment of raw cotton and waste dipped by 26.16 per cent to $70.22 million from $95.10 million, while imports of textile yarn, fabric, and made-ups jumped by 23.83 per cent to $209.23 million in June 2024.

During fiscal 2023-24, India’s exports of textiles and apparel were valued at $34.430 billion, which was 3.24 per cent lower than the $35.581 billion in 2022-23. Apparel exports decreased by 10.25 per cent to $14.532 billion from $16.190 billion in 2022-23. Meanwhile, textile shipments improved by 2.62 per cent to $19.898 billion in 2023-24 from $19.390 billion in the preceding fiscal.

India imported raw cotton and waste worth $598.63 million, which was 58.39 per cent lower than the $1.439 billion in 2022-23. The import of textile yarn, fabric, and made-ups also decreased by 12.98 per cent to $2.278 billion from $2.618 billion in 2022-23.

Rakesh Mehra, chairman of Confederation of Indian Textile Industry (CITI) said that this increase in India’s T&A exports is majorly due to the increased share of India in US vis-à-vis its competitors. He informed that US accounts for about 27 per cent of India’s total T&A exports. During January-May 2024, while India’s exports of T&A to US increased by about 2.5 per cent as compared to January-May 2023, exports from competitors like China and Bangladesh declined by about 1.3 per cent and 11.9 per cent respectively during the same time frame.

Fibre2Fashion News Desk (KUL)