Jun 15, 2024 06:52 PM IST
Indian textile exports grew despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations.
Indian textile exports grew by 9.59% in May 2024 compared to the previous year despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, the Confederation of Indian Textile Industry (CITI) said in a report.
Simultaneously, Indian apparel exports saw a growth of 9.84% during the same period.
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The CITI in its report highlighted that the cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70% over May last year.
The country’s overall exports for May 2024 surged to $68.29 billion. This was a substantial year-on-year increase of 10.2%, according to data released by the Commerce Ministry on June 14.
The analysis noted that during Apr -May’ 24, Indian textile exports registered a growth of 6.04% over the previous year, while apparel exports registered a growth of 4.46% during the same time period.
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The cumulative exports of textiles and apparel during April-May 2024 saw a surge of 5.34% as compared to the same period last year.
The recently released export data revealed that sectors such as electronic goods, drugs and pharmaceuticals, organic and inorganic chemicals, engineering goods, petroleum products, plastics & linoleum, cotton yarn/fabs made-ups ( textiles manufactured), handloom products, etc., man-made yarn/fabs./made-ups, handloom products etc. performed well in the exports from the country.
Other merchandise products, such as meat, dairy and poultry products, mica, coal and other ores, minerals including processed minerals, ready-made garments, tea, coffee, rice, tobacco, carpet and handicrafts, oil seeds; and fruits and vegetables, did well too.
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On Friday, Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), highlighted that a positive trajectory was seen in May 2024, driven by robust order bookings.
Among the top ten export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and France. Considerably, in these markets, the exports registered a double-digit growth rate.
