India maintains 3.9% share in global textile & apparel market

India has maintained a solid 3.9 per cent share of the global textile and apparel market, securing its position as the sixth largest exporter worldwide in 2023. The sector contributed 8.21 per cent to the country's total export value. Despite challenges in global trade, the US and the EU (European Union) continue to be India’s primary export destinations, accounting for 47 per cent of its textile exports.

The sector witnessed a 7 per cent growth during the April-October period of FY 2024-25, reaching $21.36 billion compared to $20.01 billion in the same period last year. The ready-made garments (RMG) category led the export surge with a share of 41 per cent, amounting to $8.73 billion. Cotton textiles followed with $7.08 billion, while man-made textiles made up 15 per cent, valued at $3.11 billion.

However, the global export of textiles faced challenges in early 2024, notably due to geopolitical tensions such as the Red Sea Crisis and the Bangladesh crisis. These issues impacted export activities significantly from January to March 2024. Exports of wool and handloom saw declines of 19 per cent and 6 per cent respectively, while other categories experienced growth, Ministry of Textiles said in a press release.

On the import side, India saw a 1 per cent decline in textile and apparel imports during the April-October period of FY 2024-25, registering $5.43 billion compared to $5.46 billion in the same period of FY 2023-24.

The man-made textiles sector accounted for 34 per cent of India's total textile imports during the period, valued at $1.86 billion, with growth primarily driven by a demand-supply gap. The import of cotton textiles increased due to the need for long staple cotton fibre, indicating efforts to increase domestic production capacity and meet rising consumption in India. This strategic trend supports the country’s path to self-reliance and expanding its textile industry.

ALCHEMPro News Desk (HU)