Strong performance in textile and apparel exports bolsters India’s overall trade growth in May 2024
India’s textile exports witnessed a significant growth of 9.59 per cent in May this year compared to the same month in the previous year, overcoming unfavourable economic conditions in major markets such as the European Union (EU), the US and West Asian nations, according to a report by the Confederation of Indian Textile Industry (CITI).
Additionally, the country’s apparel exports saw a notable increase of 9.84 per cent during the same period, the report highlights.
CITI’s report indicated that the combined exports of textiles and apparel in May 2024 recorded a 9.70 per cent growth over May last year. India’s overall exports for May 2024 surged to 68.29 billion USD, marking a substantial year-on-year increase of 10.2 per cent, according to figures released by the Commerce Ministry.
The analysis from CITI shows that during April-May 2024, Indian textile exports grew by 6.04 per cent over the previous year, while apparel exports increased by 4.46 per cent during the same period. The cumulative exports of textiles and apparel from April to May 2024 saw a 5.34 per cent rise compared to last year.
The recently released export data also showed a strong performance in sectors such as electronic goods, pharmaceuticals, organic and inorganic chemicals, engineering goods and petroleum products.
Electronic goods exports shot up by an impressive 22.97 per cent, underlining the change in India’s export goods basket driven by the growth in the manufacturing sector.
Similarly, exports of petroleum products grew by 15.75 per cent year-on-year and engineering goods exports registered a growth rate of 7.39 per cent.
Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), noted a positive trajectory in May 2024, driven by robust order bookings. Among the top 10 export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and France, with exports to these markets registering double-digit growth rates.
India’s overall merchandise exports jumped by 9.1 per cent to 38.13 billion USD, while service exports climbed by 11.7 per cent, reaching 30.16 billion USD. (IANS)
