India's Textile and Apparel Exports Surge by 7% to $21.36 Billion in April-October

New Delhi, Jan 2 (NationPress) India’s total export of textiles and apparel (including handicrafts) has seen an impressive 7% growth, amounting to $21.36 billion during the April-October period of FY 2024-25. This marks an increase from the previous $20.01 billion in the corresponding timeframe of FY 2023-24, according to a statement released by the Ministry of Textiles on Thursday.

Exports of ready-made garments (RMG) totaled $8.73 billion, representing the largest portion at 41% of India’s overall textile exports during this period. Cotton textiles follow closely with a 33% share valued at $7.08 billion, while man-made textiles account for 15%, equating to $3.105 billion.

India's primary export markets for textiles and apparel are the US and the EU, which together contribute approximately 47% to total exports in this sector. As a significant exporter, India maintains a trade surplus, primarily importing textiles for re-export or to meet industry raw material needs.

Initially, exports in FY 2024 were subdued due to geopolitical tensions in the Red Sea, which disrupted shipping activities in January, February, and March 2024.

All major commodities have experienced export growth during the April-October period of FY 2024-25 compared to the same duration in FY 2023-24, except for wool and handloom products, which saw declines of 19% and 6%, respectively, as stated.

Overall imports of textiles and apparel (including handicrafts) have decreased by 1% during the April-October period of FY 2024-25, totaling $5.425 billion, compared to $5.464 billion for the same period in FY 2023-24.

The man-made textiles category, with imports amounting to $1.86 billion, holds the largest share at 34% of total imports valued at $5.43 billion during this timeframe, attributed to a demand-supply gap.

Conversely, India’s import of textiles and apparel products has dropped by approximately 15% to $8.946 billion in FY 2023-24, compared to $10.481 billion in FY 2022-23.

Growth in imports is primarily noted in cotton textiles, driven by the procurement of long-staple cotton fiber. Such trends signify an increase in domestic production capacity amid rising consumption and a push for self-reliance.

As of 2023, India ranks as the 6th largest exporter of textiles and apparel globally. The contribution of textiles and apparel (T&A), including handicrafts, to India’s total exports is a noteworthy 8.21% for 2023-24.

India holds a 3.9% share of the global textiles and apparel trade.