November 2024 recorded robust growth, with exports increasing by 5.81 per cent. Apparel exports, in particular, surged by 9.81 per cent, indicating a continued recovery following a prolonged period of sluggish foreign trade. However, the growth rate of exports was slightly lower in November compared to the previous month.
Textile exports grew by 3.90 per cent to $13.477 billion in the first eight months of FY25, compared to $12.972 billion in the same period of the previous year. Apparel exports rose by 11.39 per cent, reaching $9.853 billion, up from $8.846 billion in the corresponding period last fiscal. The share of T&A in India’s total merchandise exports increased to 8.21 per cent during this period, according to the Ministry of Commerce and Trade.
Within the textile sector, exports of cotton yarn, fabrics, made-ups, and handloom products increased modestly by 1.70 per cent, reaching $7.863 billion in the first eight months of this fiscal. Exports of man-made yarn, fabrics, and made-ups rose by 4.42 per cent to $3.188 billion, while carpet exports saw a significant increase of 10.97 per cent to $1,015.31 million.
In November 2024, T&A exports totalled $2.610 billion. Textile exports rose by 2.99 per cent, reaching $1.489 billion, up from $1.446 billion in November 2023. Garment shipments grew by 9.81 per cent, totalling $1.121 billion, compared to $1.021 billion in November 2023. Under textiles, the export of cotton yarn, fabrics, made-ups, and handloom products grew by 2.02 per cent to $872.20 million, while man-made yarn, fabrics, and made-ups exports surged by 4.88 per cent to $345.59 million. Carpet exports also increased, rising by 2.39 per cent to $122.79 million.
Imports of raw cotton and waste climbed by 65.31 per cent to $775.83 million in April- November 2024, compared to $469.33 million in the same period of 2023. Imports of textile yarn, fabrics, and made-ups increased by 5.48 per cent, rising from $1,546.80 million to $1,631.50 million. The import of raw cotton and waste surged by an astonishing 457.76 per cent, from $30.61 million to $170.73 million. Similarly, imports of textile yarn, fabrics, and made-ups rose by 15.91 per cent to $224.47 million in November 2024.
In FY24, India’s textile and apparel exports amounted to $34.430 billion, a 3.24 per cent decline from $35.581 billion in FY23. 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 FY23.
India’s imports of raw cotton and waste were valued at $598.63 million in FY24, 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 FY23.
ALCHEMPro News Desk (KUL)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
