India's textile & apparel exports dip 3.24% in FY24, up 6.91% in March

An analysis of the latest trade data revealed that the share of textiles and apparel was 8.26 per cent in the corresponding period of the previous year.

The Ministry of Commerce and Trade's latest trade figures showed that T&A exports were $35.581 billion from April 2022 to March 2023. Textile exports increased marginally by 2.62 per cent to $19.898 billion from April 2023 to March 2024, up from $19.390 billion in the same period of the last fiscal. Cotton yarn, fabrics, made-ups, and handloom products saw a 6.71 per cent increase to $11.682 billion in the last fiscal. However, the shipment of man-made yarn, fabrics, and made-ups declined by 5.46 per cent to $4.679 billion, and carpet exports increased by 2.13 per cent to $1.395 billion in the period.

India's apparel exports fell by 10.25 per cent to $14.532 billion in the period from $16.190 billion in the same period of the previous year.

In March 2024, T&A exports increased to $3.442 billion from $3.220 billion in the corresponding period of 2023. Textile exports jumped by 11.18 per cent to $1.970 billion from $1.772 billion in March 2023. Cotton yarn, fabrics, and made-ups exports grew by 6.78 per cent to $1.093 billion in March 2024. However, exports of man-made yarn, fabrics, and made-ups eased by 7.86 per cent to $439.36 million in the period. Apparel exports from the country increased by 1.70 per cent to $1.472 billion in March 2024 from $1.448 billion in March 2023.

According to the latest figures, imports of cotton raw and waste declined by 58.39 per cent to $598.63 million in fiscal 2023-24, down from $1,438.70 million in fiscal 2022-23. Imports of textile yarn, fabric, and made-ups dropped by 12.98 per cent to $2.277 billion in the last fiscal from $2.617 billion. During March 2024, imports of cotton raw and waste dropped by 11.29 per cent to $48.8 million, while textile yarn, fabric, and made-ups imports jumped by 12.17 per cent to $161.11 million.

ALCHEMPro News Desk (KUL)