June 16th 2024.
In the bustling city of New Delhi, a recent report by the Confederation of Indian Textile Industry has brought some good news for the country's textile exports. Despite facing economic challenges in major markets like the European Union, the United States, and West Asian nations, India's textile exports saw a significant growth of 9.59% in May compared to the same month last year. Not only that, but the country's apparel exports also saw a promising increase of 9.84% during the same period.
The report by CITI points out that the combined exports of textiles and apparel in May 2024 showed a remarkable growth of 9.70% compared to May of the previous year. This is a testament to the hard work and resilience of the Indian textile industry. In fact, India's overall exports for May 2024 reached an impressive $68.29 billion, marking a substantial year-on-year increase of 10.2%, according to the latest figures released by the Commerce Ministry.
Delving deeper into the data, the CITI analysis reveals that during April-May 2024, Indian textile exports saw a growth of 6.04% compared to the same period last year. Similarly, apparel exports also showed a positive trend with a growth of 4.46% during the same period. Collectively, the exports of textiles and apparel in April-May 2024 saw a rise of 5.34% compared to the previous year.
The recent export data also highlights the strong performance of other sectors such as electronic goods, pharmaceuticals, organic and inorganic chemicals, engineering goods, and petroleum products. In fact, electronic goods exports saw a significant jump of 22.97%, showcasing the growth in India's manufacturing sector. Additionally, exports of petroleum products and engineering goods also registered high growth rates.
The President of the Federation of Indian Export Organisations, Ashwani Kumar, expressed his optimism about the positive trajectory in May 2024, attributed to the robust order bookings. Among the top 10 export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany, and France, with double-digit growth rates recorded in exports to these countries.
The overall merchandise exports of India saw a promising increase of 9.1% to reach $38.13 billion, while service exports climbed by 11.7% to reach $30.16 billion. This showcases the diverse and robust nature of India's export market, with both goods and services contributing to the country's economic growth. With such positive trends and growth rates, India's textile industry is poised for a bright future in the global market.
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