Despite challenging economic conditions worldwide, Indian textile exports saw significant growth in May 2024, with a 9.59 per cent increase compared to the previous year. The Confederation of Indian Textile Industry (CITI) reported that Indian apparel exports also experienced a growth of 9.84 per cent during the same period. The overall exports of textiles and apparel in May 2024 registered a growth of 9.70 per cent over the same period last year, contributing to the country’s overall export surge to USD 68.29 billion.
During April-May 2024, Indian textile exports increased by 6.04 per cent, while apparel exports saw a growth of 4.46 per cent. The cumulative exports of textiles and apparel during this period also saw a substantial growth of 5.34 per cent compared to the same period last year. The export data released by the Commerce Ministry highlighted that various sectors such as electronic goods, pharmaceuticals, chemicals, engineering goods, and textiles performed well in exports. Sectors like meat, dairy products, mica, coal, and fruits and vegetables also saw positive export trends during this period.
As per Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), May 2024 witnessed a positive trajectory in exports driven by robust order bookings. The top ten export markets for India included countries such as the US, UAE, Netherlands, UK, and China, among others. These markets registered a double-digit growth rate in terms of exports, contributing to the overall increase in India’s export numbers.
Breaking down the export data, merchandise exports rose by 9.1 per cent to USD 38.13 billion, while service exports increased by 11.7 per cent, reaching USD 30.16 billion. This positive growth in both merchandise and service exports reflects the strength of the Indian export sector amidst challenging global economic conditions. The growth in various sectors and the performance of different markets have played a crucial role in driving India’s export growth in recent months.
In conclusion, the increase in Indian textile and apparel exports in May 2024 despite challenging economic conditions in major markets signifies the resilience and competitiveness of the Indian export sector. The growth in various sectors and the positive performance in key markets have contributed to the overall surge in India’s export numbers. The consistent growth in exports indicates a positive outlook for the country’s export sector and highlights the potential for further expansion and diversification in the future. With continued efforts and strategic initiatives, India can continue to strengthen its position as a key player in the global export market.
