India’s textile exports surge by 9.6 pc despite global headwinds

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India’s textile exports increased by 9.59% in May this year compared to the previous year’s same month. This growth occurred despite challenging economic conditions in key markets like the European Union (EU), the United States, and West Asian nations. This information comes from a report by the Confederation of Indian Textile Industry (CITI).

India's textile exports surge by 9.6 pc despite global headwinds

New Delhi:  India’s textile exports increased by 9.59% in May compared to the previous year, despite challenging economic conditions in key markets like the European Union, the US, and West Asia, as reported by the Confederation of Indian Textile Industry (CITI).

The report noted that the country’s clothing exports rose by 9.84% during the period mentioned. CITI’s report also emphasized that the combined exports of textiles and apparel in May 2024 grew by 9.70% compared to the same month last year. India’s total exports for May 2024 reached $68.29 billion, marking a significant year-on-year increase of 10.2%, according to data from the Commerce Ministry.

During April-May 2024, Indian textile exports rose by 6.04%, and apparel exports increased by 4.46% compared to the previous year. Combined, textile and apparel exports during this period showed a 5.34% increase year-over-year.

The latest export data highlights robust performance in sectors including electronics, pharmaceuticals, chemicals (both organic and inorganic), engineering goods, and petroleum products.

Electronic goods exports increased by 22.97%, showcasing the evolving composition of India’s export basket driven by growth in manufacturing.

Additionally, petroleum products saw a year-on-year growth of 15.75%, while engineering goods recorded a growth rate of 7.39%, reflecting significant export growth in these sectors as well.

Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), noted a favorable trend in May 2024, buoyed by strong order bookings. The top 10 export destinations for India included the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany, and France, all experiencing double-digit growth in exports.

India’s total merchandise exports increased by 9.1% to $38.13 billion, while service exports rose by 11.7% to $30.16 billion during this period.

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