Business

India’s Textile & Apparel Exports Clock 7% Growth At $21.36 Billion In April-October

India’s textile and apparel exports, including handicrafts, grew by 7% to $21.36 billion during April-October FY 2024-25, compared to $20.01 billion in the same period of FY 2023-24. The Ministry of Textiles announced the figures in a statement on Thursday.

Ready-made garments (RMG) led the export category, contributing 41% of the total exports at $8.73 billion. Cotton textiles followed with a 33% share at $7.08 billion, while man-made textiles accounted for 15%, valued at $3.105 billion.

The US and the EU remained key destinations, comprising 47% of total textile exports. Despite initial slowdowns in FY 2024 due to geopolitical crises near the Red Sea, export growth resumed strongly in April-October FY 2024-25.

However, wool and handloom exports declined by 19% and 6%, respectively, during the same period. India’s position as a major exporter ensures a trade surplus in the sector, with most textile imports aimed at re-exports or industrial needs.

Import Trends And Global Standing

Overall textile and apparel imports fell by 1% to $5.425 billion during April-October FY 2024-25 compared to $5.464 billion in the same period of FY 2023-24. Man-made textiles dominated imports, contributing $1.86 billion, or 34% of the total.

Cotton imports saw a notable rise due to the demand for long-staple cotton fibre, indicating an increase in production capacity. In FY 2023-24, total textile imports dropped by 15% to $8.946 billion from $10.481 billion in FY 2022-23.

India is the 6th largest exporter of textiles and apparel globally, with the sector accounting for 8.21% of the country’s total exports in FY 2023-24. India holds a 3.9% share in global textile trade, underscoring its growing prominence.

Also Read: India’s Auto Sales Surge To Record 26.1 Million Units, Marking Full Post-Pandemic Recovery

Ajaypal Choudhary

Recent Posts

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

6 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

6 hours ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

7 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

7 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

8 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

8 hours ago