As per the trade data released by the Ministry of Commerce, India’s Textile & Apparel Exports have increased by about 1.63% in June 24 as compared to June 23. This increase is majorly attributed to the increased exports of apparels which have increased by 3.68% during the above period while textile exports remained almost the same as compared to last year.
As far as this financial year is concerned, it has remained good for the Indian Textile & Apparel Industry, whose exports have increased by about 4% during the first quarter of FY 25 as compared to FY 24.
Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI) cited that this increase in India’s T&A exports is majorly due to the increased share of India in the USA vis-à-vis its competitors.
He informed that the USA accounts for about 27% of India’s total T&A exports. During Jan-May 2024, while India’s exports of T&A to the USA have increased by about 2.5% as compared to Jan-May 2023, exports from competitors like China and Bangladesh have declined by about 1.3% and 11.9% respectively during the same time frame.
He further cited that the industry is optimistic about the growth of the Indian Textile Industry and expressed hope about the announcement of favorable policy measures in the upcoming budget which will further propel India’s exports not only in the short run but in long run as well.
