In Feb 2024, India’s textile exports grew by 19.54 per cent Y-o-Y while apparel exports surged by 4.88 per cent Y-o-Y during the same timeframe.
As per data released by the Confederation of Indian Textile Industry (CITI), cumulative exports of textiles and apparel by India increased by 12.49 cent Y-o-Y during Feb 2024 while exports of cotton yarn, fabrics and made-ups grew by 17 per cent Y-o-Y in February 2024.
Over 11 months, exports of these products surged by 6.7 per cent compared to the corresponding period in the previous year.
However, the overall textile exports by India from Apr’23 to Feb ‘24 grew by 1.75 per cent Y-o-Y, while apparel exports recorded a notable decline of 11.42 per cent during the same timeframe.
The combined exports of textiles and apparel during this period declined by 4.25 per cent compared to the corresponding period in the previous fiscal year.
Industry experts attribute this positive trajectory in cotton yarn and fabric exports to India’s competitive cotton prices throughout the current financial year, which have bolstered demand in international markets.
The surge in demand, particularly from countries like Bangladesh and China, has driven this growth.
Conversely, the apparel segment has faced challenges, experiencing a decline primarily due to heightened input costs and subdued demand in various countries amidst soaring inflation.
Bharat Chhajer, Former Chairman, Powerloom Development and Export Promotion Council (PDEXCIL), says, the ongoing conflict between Russia and Ukraine, coupled with the Red Sea crisis, has compounded the situation, resulting in increased business costs and pricing pressures. Moreover, stiff competition from nations like Vietnam and Bangladesh, coupled with the reduction in cotton prices, has decreased the value of apparel exports from India.
