Rapid Growth In Indian Textile By 9.6% Despite Adverse Global Condition

India’s textile exports grew by 9.59% in May this year compared to the same month last year, despite challenging economic conditions in major markets like the European Union (EU), the US, and West Asian nations, as per a report from the Confederation of Indian Textile Industry (CITI).

Additionally, the report highlights a 9.84% increase in the country’s apparel exports during the same period. According to CITI, combined exports of textiles and apparel in May 2024 showed a growth of 9.70% over the previous year. India’s overall exports for May 2024 reached $68.29 billion, marking a significant year-on-year rise of 10.2%, according to data released by the Commerce Ministry.

The CITI analysis reveals that from April to May 2024, Indian textile exports increased by 6.04% compared to the same period last year, with apparel exports rising by 4.46% during this timeframe. The cumulative exports of textiles and apparel during April-May 2024 saw a 5.34% increase year-on-year.

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The latest export data also showcased strong performances in other sectors such as electronic goods, pharmaceuticals, organic and inorganic chemicals, engineering goods, and petroleum products. Electronic goods exports surged by 22.97%, reflecting a shift in India’s export basket driven by growth in the manufacturing sector. Similarly, petroleum products (15.75% year-on-year) and engineering goods (7.39%) also registered significant growth rates.

Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), noted a positive trend in May 2024, bolstered by robust order bookings. Among India’s top 10 export markets were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany, and France, all recording double-digit growth rates in exports.

Overall, India’s merchandise exports increased by 9.1% to $38.13 billion, while service exports grew by 11.7%, reaching $30.16 billion.