Textiles Exports Surge by 17% Year-on-Year in February
The textiles industry is celebrating a significant milestone as it records robust export performance for February, marking positive growth trends for the 11-month period of the current financial year.
Data released by the Confederation of Indian Textile Industry (CITI) indicates substantial growth in key segments such as cotton yarn, fabrics, and made-ups, with exports experiencing a remarkable 17% surge in February compared to the previous year.
This promising uptick bodes well for Gujarat’s textiles sector, with exports of these products showing resilience over the past 11 months, boasting a commendable 6.7% increase compared to the corresponding period last year.
In February 2024, Indian textiles exports grew by 19.54% year-on-year, while apparel exports also saw a respectable uptick of 4.88% during the same timeframe.
The cumulative exports of textiles and apparel during February 2024 displayed a growth of 12.49% over the preceding year.
However, the overall scenario for the April 2023 to February 2024 period presents a mixed picture, with Indian textiles exports registering a modest growth of 1.75% year-on-year, juxtaposed with a notable decline of 11.42% in apparel exports during the same timeframe. The cumulative exports of textiles and apparel during this period showcased a decrease of 4.25% compared to the corresponding period in the previous fiscal year.
Industry experts attribute this positive trajectory in cotton yarn and fabric exports to India’s competitive cotton prices throughout the current financial year, which have bolstered demand in international markets, particularly in countries like Bangladesh and China.
Gujarat has notably benefited from this trend, enjoying a substantial share in cotton yarn, fabric, and made-up exports.
Conversely, the apparel segment has faced challenges, experiencing a decline primarily due to heightened input costs and subdued demand in various countries amidst soaring inflation. Bharat Chhajer, former chairman of Powerloom Development and Export Promotion Council (PDEXCIL), highlighted the ongoing conflict between Russia and Ukraine, coupled with the Red Sea crisis, which has increased business costs and pricing pressures. Additionally, stiff competition from nations like Vietnam and Bangladesh, along with the reduction in cotton prices, has contributed to the decrease in the value of apparel exports from India.
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