India has solidified its position as the 6th largest exporter of textiles and apparel in the world, achieving a global trade share of 3.9% in FY 2023-24. The sector contributed a significant 8.21% to the country’s total exports during the year.
Export Performance (April-October FY 2024-25):
- Total Exports: $21.35 billion, marking a 7% growth from $20 billion in the same period last year.
- Leading Categories:
- Ready-Made Garments (RMG): $8.73 billion (41% share), a 12% YoY increase.
- Cotton Textiles: $7.08 billion (33% share), growing by 1%.
- Man-Made Textiles: $3.10 billion (15% share), up 5%.
- Key Destinations: The USA and the EU account for 47% of India’s total textile and apparel exports.
While exports surged, wool and handloom products faced declines of 19% and 6%, respectively.
Import Trends:
India’s textiles and apparel imports declined by 15% in FY 2023-24 to $8.95 billion, and by 1% to $5.42 billion in April-October FY 2024-25. However, cotton textiles imports rose 13%, reflecting increased domestic production and self-reliance.
Challenges and Outlook:
Export growth is influenced by global demand, internal consumption, and geopolitical factors. Despite challenges like the Red Sea crisis, India’s textile sector has shown resilience and is poised for further growth with rising production capacities and consumption.
