Indian textile exports increased by 9.6%. despite global difficulties

New Delhi: In May this year, Indian textile exports grew by 9.59 percent compared to the same month last year, despite unfavorable economic conditions in major markets such as the European Union (EU), the United States, according to a report prepared by Indian Textile Exports and West Asian countries. Confederation of Indian Textile Industry (CITI).

Moreover, according to the report, the country’s clothing exports recorded an increase of 9.84% during the same period. The CITI report highlighted that total textile and clothing exports in May 2024 recorded an increase of 9.70% compared to May last year. Data released by the Ministry of Commerce shows that India’s total exports in May 2024 increased to USD 68.29 billion, a significant increase of 10.2% year-on-year.

CITI analysis shows that during April-May 2024, India’s textile exports grew by 6.04% compared to the previous year, while apparel exports grew by 4.46% during the same period. Cumulative exports of textiles and clothing during April-May 2024 recorded an increase of 5.34% compared to the same period last year.

Recently released export data also showed strong performance in sectors such as electronic goods, pharmaceuticals, organic and inorganic chemicals, engineering goods and petroleum products. Exports of electronic goods increased by a whopping 22.97 per cent, highlighting the shift in India’s export basket led by the growth of the manufacturing sector.

Exports of petroleum products (15.75 percent year-on-year) and engineering goods (7.39 percent) also recorded a similarly high growth rate. Ashwani Kumar, president, Federation of Indian Export Organizations (FIEO), said there will be a positive trend in May 2024, driven by high order volume.

India’s top 10 export markets included the United States, the United Arab Emirates, the Netherlands, the United Kingdom, China, Singapore, Saudi Arabia, Bangladesh, Germany and France, with exports to these markets registering double-digit growth rates. India’s total goods exports increased by 9.1 percent to $38.13 billion, while services exports increased by 11.7 percent to reach $30.16 billion.

IANS