New Delhi, January 2 (IANS). India’s total exports of textiles and apparel (including handicrafts) grew by seven per cent to $21.36 billion during April-October of financial year 2024-25, according to a statement issued by the textile ministry on Thursday. For the same period of financial year 2023-24, this figure was $ 20.01 billion.
Readymade garments (RMG) exports at $8.73 billion achieved the largest share of 41 per cent in India’s total textile exports during April-October of FY 2024-25.
Cotton textiles ranked second in the export list during the seven-month period of the current financial year with 33 per cent share, valued at $7.08 billion, followed by man-made textiles (15 per cent, $3.105 billion).
The major textile and apparel export destinations for India are the US and the EU, which together account for about 47 per cent of the total textile and apparel exports.
India is a major textile and apparel exporter. The bulk of imports in textiles are for re-export or industry requirements of raw materials.
Exports initially remained low in FY24 due to geopolitical crises around the Red Sea. Due to this, ship movement was affected during January, February and March 2024.
The statement said that exports of all major commodities have seen an increase during the April-October period of FY 2024-25 compared to the same period of FY 2023-24. Only wool and handloom have declined by 19 percent and 6 percent respectively.
Textiles and apparel (including handicrafts) declined by 1 per cent ($5.425 billion) during the April-October period of FY 2024-25 as compared to ($5.464 billion) in the same period of FY 2023-24 .
The man-made textiles category has the largest share (34 per cent) with imports of $1.86 billion in the total imports ($5.43 billion) during the April-October period as the demand-supply gap in the sector widens, the statement said. Is.
On the other hand, India’s imports of textile and apparel products have declined by nearly 15 percent to $8.946 billion during FY 2023-24, while the figure stood at $10.481 billion in FY 2022-23.
The statement said the increase in imports was mainly seen in cotton textiles, mainly due to imports of long staple cotton fibre.
India is the sixth largest exporter of textiles and apparel in the world by 2023.
The share of textiles and apparel (T&A) including handicrafts in India’s total exports is 8.21 per cent in 2023-24.
The country has a 3.9 percent share in the global trade in textiles and apparel.
–IANS
SKT/CBT
