The labour-intensive textiles and apparel sector in India is enjoying a rising share of the global exports, recent data has shown. India’s cumulative exports of textiles and apparel, which includes handicrafts went up by 7% in the six-month period between April and October in 2024, notching up a total value of $21.36 billion. In comparison, the value of exports in the same period in 2023 stood at $20 billion.
The growth in exports in this sector has been steady. In FY23, India stood at the 6th spot in exports of textiles and apparel in the world and that year the country enjoyed a 3.9% share of the worldwide global trade in this sector. In FY24, the share of textile and apparel jumped to 8.21%.
Imports are going down
As exports went up, imports of textiles and apparel into India have significantly gone down – in FY24, the imports were valued at $8.9 billion. In comparison the import figures for FY23 were $10.481 billion. The domains where imports went up included cotton textiles. Import of long- staple cotton fibre was mainly believed to be the reason.
Among the destinations for Indian exports, the US and EU (European Union) are the most prominent. These two geographies together account for 47% share of total textile and apparel exports from India. Significantly, most of the imports into Indian in the textile sector are meant for value addition and re-export. Some are also for consumption in domestic industry as raw materials.
Contribution of ready-made garments
The contribution of ready-made garments to India’s export is huge. In fact, this sector contributes 41% (largest share) and is valued at $8.733 billion. Next in this list comes cotton textiles with 33% (value $7.082 billion) while man-made textiles come third accounting for 15% carrying a value of $3.105 in the first half of the current financial year.
In FY23, India stood at the 6th spot in exports of textiles and apparel in the world and that year the country enjoyed a 3.9% share of the worldwide global trade in this sector. In FY24, the share of textile and apparel jumped to 8.21%. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
