Data compiled by the Confederation of Indian Textile Industry (CITI) shows that India’s garment exports saw a strong gain of 11.85% in July, driven by strong demand in the US and European markets.
While textile exports remained stable at $1,660.36 million in July compared to $1,663.06 million, apparel exports surged to $1,277.20 million in July of this year from $1,141.95 million in the same month previous year.
At $2,937.56 million for the month, the textile and apparel sector’s overall growth rate comes out to 4.73 percent, up from $2,805.01 million in July 2023.
“India’s textile and apparel exports have made significant strides this year, especially when compared to last year.” Along with higher exports to the UK and the EU, the growing share of Indian clothing in important countries like the US is largely responsible for the surge in exports, according to CITI Chairman Rakesh Mehra.
In the upcoming months, he said, the industry is still expecting export orders, and it is ready to take advantage of newly finalized Free Trade Agreements (FTAs) such as the India-Australia Economic Cooperation and Trade Agreement (ECTA) and the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
“Our exports should gain more traction as a result of these accords. In order to ensure that India continues to be a major player in the global textile and apparel market, the industry expects continuing growth and is strategically positioning itself to take advantage of these prospects,” Mehra stated.
Based on official estimates, India’s merchandise exports from April to July 2024 totaled $144.12 billion, up from $138.39 billion in April to July 2023. This represents a positive growth of 4.15 percent.
Following the official data’s release this week, Commerce Secretary Sunil Barthwal told reporters, “Our exports are holding on despite what is happening globally.”
He was making reference to the rising geopolitical tensions brought on by the situation in West Asia, which has affected shipping and raised concerns in the developed world’s economies.
