The Business Bytes
THEBUSINESSBYTES BUREAU
NEW DELHI, JANUARY 2, 2025
India has reaffirmed its position as a global textile powerhouse, claiming 3.9% of the global trade in textiles and apparel (T&A) in 2023, and ranking as the world’s sixth-largest exporter in the sector. Textiles and apparel, including handicrafts, constituted a robust 8.21% of India’s total exports for the fiscal year 2023-24, underscoring the industry’s pivotal role in the country’s economy.
The United States and the European Union emerged as India’s primary export destinations, collectively accounting for nearly 47% of T&A exports. Despite challenges posed by geopolitical disruptions, including the Red Sea and Bangladesh crises earlier in 2024, India managed to overcome setbacks, registering an impressive 7% growth in T&A exports during April-October 2024-25, reaching $21,358 million compared to $20,007 million in the same period of the previous year.
Ready-Made Garments (RMG) led the export charge with a substantial $8,733 million, representing 41% of total exports in the April-October period of FY 2024-25. Cotton Textiles followed closely with a 33% share at $7,082 million, while Man-Made Textiles contributed 15% with exports of $3,105 million.
While most T&A categories exhibited growth, wool and handloom exports declined by 19% and 6%, respectively, reflecting shifting demand patterns. On the import front, India showcased resilience, with overall imports declining by 1% to $5,425 million during April-October 2024-25 compared to the same period in the previous fiscal year.
Man-Made Textiles dominated the import landscape, accounting for 34% of total imports at $1,859 million. Notably, the increased import of long-staple cotton fibers highlights India’s efforts to bridge the demand-supply gap and expand domestic production capacity.
The growth trajectory of India’s textile sector reflects its adaptability amidst global uncertainties. With exports steadily climbing and imports strategically supporting industrial requirements, India continues to enhance its self-reliance while catering to rising domestic and international demand.
