SRINAGAR: India secured its position as the sixth largest exporter of textiles and apparel globally in 2023, contributing 3.9 per cent to the international trade in this sector. The share of textiles and apparel, including handicrafts, in India’s total exports stood at 8.21 per cent for the fiscal year 2023-24.
The United States and the European Union remained India’s principal export destinations, accounting for nearly 47 per cent of the country’s total textile and apparel exports. India, a significant player in the global textile market, enjoys a trade surplus in this sector. Most imports in this domain are driven by industry demands for raw materials or re-export purposes.
The export trajectory of textiles and apparel is influenced by several factors, including global demand, domestic consumption, order flows, and logistical efficiencies. Geopolitical events, such as the Red Sea crisis and challenges in Bangladesh, dampened exports in the initial months of 2024, particularly during January, February, and March.
However, resilience was observed in the sector as exports of textiles and apparel, including handicrafts, grew by 7 per cent during the April-October period of FY 2024-25, reaching $21,358 million compared to $20,007 million in the same period of the previous fiscal year.
Among various categories, ready-made garments led the export charts with $8,733 million, constituting 41 per cent of total exports during the April-October period. Cotton textiles followed with a 33 per cent share ($7,082 million), and man-made textiles accounted for 15 per cent ($3,105 million).
While most principal commodities witnessed growth, wool and handloom exports faced declines of 19 per cent and 6 per cent, respectively.
On the import front, India recorded a 15 per cent decrease in textile and apparel imports in FY 2023-24, amounting to $8,946 million compared to $10,481 million in FY 2022-23. During the April-October period of FY 2024-25, imports declined marginally by 1 per cent to $5,425 million from $5,464 million in the same period of the previous year.
Man-made textiles led the import category with a 34 per cent share ($1,859 million), driven by a demand-supply gap. Cotton textile imports, particularly long-staple cotton fibre, indicated an expansion in production capacity amidst rising domestic consumption and self-reliance efforts.
India’s textile and apparel sector continues to demonstrate resilience and growth, further solidifying its global presence despite challenges posed by geopolitical and logistical hurdles. (With PIB Inputs)
