India's textile and apparel (T&A) exports registered a remarkable growth of 19.93% in October 2024, reaching US$ 3.06 billion compared to the same period last year. This positive trend is reflected in the cumulative figures for the April-October period, where exports grew by 7.08% to US$ 20.72 billion.
Key Highlights
• Overall Exports: India's total merchandise exports for October 2024 amounted to US$ 39.2 billion, an increase of 17.23% year-on-year.
Sector-wise Performance:
• Cotton Yarn/Fabs./Made-ups, Handloom Products etc.: Exports grew by 6.96% in October 2024 and 1.66% for the April-October period.
• Man-made Yarn/Fabs./Made-ups etc.: Exports witnessed a robust growth of 12.89% in October and 4.36% for the April-October period.
• Jute Mfg. including Floor Covering: Exports surged by 36.98% in October and 1.49% for the April-October period.
• Carpet: Exports increased by 16.79% in October and 12.26% for the April-October period.
• Handicrafts excl. handmade carpet: Exports grew by 32.67% in October and 13.99% for the April-October period.
• Apparel: Exports witnessed a significant surge of 35.06% in October and 11.60% for the April-October period.
Industry Optimism
Rakesh Mehra, Chairman of CITI, expressed optimism about the sector's sustained growth. He attributed this positive trajectory to several factors, including increased market share in the USA, supportive government policies like RoDTEP and IES, and the industry's focus on quality, innovation, and sustainability.
Looking Ahead
The textile and apparel sectors are poised for further growth, driven by increasing global demand, favorable government initiatives, and the industry's commitment to quality and innovation. India's strategic focus on sustainable practices and its emergence as a preferred sourcing destination are expected to further strengthen its position in the global market.
