Despite challenging economic conditions in major markets like the European Union (EU), the US, and West Asian countries, Indian textile exports grew by 9.59% in May 2024 compared to the previous year, as reported by the Confederation of Indian Textile Industry (CITI). Similarly, Indian apparel exports also increased by 9.84% during the same period.
According to CITI’s report, the combined exports of textiles and apparel in May 2024 showed a growth of 9.70% year-on-year. Overall, India’s exports for May 2024 reached USD 68.29 billion, marking a significant annual increase of 10.2%, according to data released by the Commerce Ministry on June 14.
During April-May 2024, Indian textile exports grew by 6.04% year-on-year, while apparel exports saw a growth of 4.46% during the same period. The cumulative exports of textiles and apparel for April-May 2024 increased by 5.34% compared to the corresponding period last year.
Recent export data highlighted strong performance across various sectors including electronic goods, pharmaceuticals, chemicals, engineering goods, petroleum products, plastics, cotton yarn and fabrics, handloom products, and man-made textiles. Additionally, sectors such as meat, dairy products, minerals, processed minerals, ready-made garments, tea, coffee, rice, tobacco, carpets, handicrafts, oilseeds, fruits, and vegetables also performed well in exports.
Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), noted positive momentum in May 2024 driven by robust order bookings. The top export destinations for India included the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany, and France, with several markets experiencing double-digit growth rates in exports.
Breaking down the latest export figures, merchandise exports rose by 9.1% to USD 38.13 billion, while service exports increased by 11.7% to USD 30.16 billion.
