The Ministry of Commerce and Trade's latest trade figures showed that T&A exports were $5.568 billion in April-May 2023. Textile exports increased by 6.04 per cent to $3.310 billion in April-May 2024, up from $3.121 billion in the same period of the previous fiscal. Cotton yarn, fabrics, made-ups, and handloom products saw an 8.23 per cent increase to $1,956.46 million in the first two months of the current fiscal. However, the shipment of man-made yarn, fabrics, and made-ups declined by 0.79 per cent to $782.17 million, and carpet exports increased by 11.76 per cent to $241.84 million during this period.

T&A exports were $3.089 billion in May 2024. Textile exports increased by 9.59 per cent to $1.731 billion in May 2024, up from $1.580 billion in the same period of the previous fiscal. Cotton yarn, fabrics, made-ups, and handloom products saw a 9.75 per cent increase to $1,009.61 million in the second month of the current fiscal. The shipment of man-made yarn, fabrics, and made-ups gained 4.65 per cent to $413.82 million, and carpet exports increased by 17.55 per cent to $130.75 million in the same period.

India's apparel exports also improved by 4.46 per cent to $2.555 billion in April-May 2024, up from $2.446 billion in the same period of the previous year. During May 2024, apparel exports increased by 9.84 per cent to $1,357.40 million compared to $1,235.81 million in the same month of the previous year.

According to the latest figures, imports of raw cotton and waste declined by 20.89 per cent to $81.79 million in April-May 2024, down from $103.39 million in the same period of 2023. Imports of textile yarn, fabric, and made-ups eased 0.45 per cent to $347.92 million in the first two months of the current fiscal from $349.5 million. The inbound shipment of raw cotton and waste dipped 24.46 per cent to $43.88 million from $58.09 million, and textile yarn, fabric, and made-ups eased 1.15 per cent to $186.08 million in May 2024.

During fiscal 2023-24, India’s exports of textiles and apparel were valued at $34.430 billion, which was 3.24 per cent lower than the shipment of $35.581 billion in 2022-23. Apparel exports decreased by 10.25 per cent to $14.532 billion from $16.190 billion in 2022-23. Meanwhile, textile shipments improved by 2.62 per cent to $19.898 billion in 2023-24 from $19.390 billion in the preceding fiscal.

India imported raw cotton and waste worth $598.63 million, which was 58.39 per cent lower than $1,439.70 million in 2022-23. The import of textile yarn, fabric, and made-ups also eased by 12.98 per cent to $2,277.85 million from $2,617.74 million in 2022-23.

Fibre2Fashion News Desk (KUL)