India's textile & apparel exports surge 3.80% in April-August

According to the Ministry of Commerce and Trade's latest figures, textile exports increased by 1.39 per cent to $8.342 billion in April-August 2024, up from $8.227 billion in the corresponding period of the previous fiscal. Cotton yarn, fabrics, made-ups and handloom products recorded a 0.23 per cent increase, reaching $4,893.29 million in the first five months of the current fiscal. Shipments of man-made yarn, fabrics, and made-ups grew by 1.33 per cent to $1,989.59 million, while carpet exports surged by 10.69 per cent to $614.96 million during this period.

In August 2024, T&A exports amounted to $3.013 billion, and textile exports declined by 4.01 per cent to $1.745 billion, down from $1.818 billion in August 2023. Cotton yarn, fabrics, made-ups, and handloom products saw a 9.44 per cent decline to $1,008.51 million in August 2024. However, shipments of man-made yarn, fabrics, and made-ups increased by 1.59 per cent to $418.63 million, and carpet exports rose by 8.90 per cent to $128.47 million.

India's apparel exports also improved by 7.12 per cent to $6.395 billion in April-August 2024, up from $5.970 billion in the same period of the previous year. During August 2024, apparel exports increased by 11.88 per cent to $1,268.17 million compared to $1,133.50 million in the same month of the previous year.

According to the latest figures, imports of raw cotton and waste declined by 5.23 per cent to $343.18 million in April-August 2024, down from $362.13 million in the same period of 2023. Imports of textile yarn, fabric, and made-ups gained 4.58 per cent to $978.61 million in the first five months of the current fiscal, up from $935.79 million. The inbound shipment of raw cotton and waste jumped 40.03 per cent to $104.89 million from $74.90 million, and textile yarn, fabric, and made-ups picked up 2.16 per cent to $220.74 million in August 2024.

During fiscal year 2023-24, India’s exports of textiles and apparel were valued at $34.430 billion, which was 3.24 per cent lower than the shipment of $35.581 billion in 2022-23. Apparel exports decreased by 10.25 per cent to $14.532 billion from $16.190 billion in 2022-23. Meanwhile, textile shipments improved by 2.62 per cent to $19.898 billion in 2023-24, up from $19.390 billion in the preceding fiscal.

India imported raw cotton and waste worth $598.63 million, which was 58.39 per cent lower than the $1,439.70 million in 2022-23. The import of textile yarn, fabric, and made-ups also eased by 12.98 per cent to $2,277.85 million from $2,617.74 million in 2022-23.

ALCHEMPro News Desk (KUL)