Textiles and apparel exports registered a 9.7% growth in May this year compared with the same period in 2023 and apparel exports saw a year-on-year (YoY) decline of 16% in April, giving a boost to the domestic industry.
Exports in May were worth $3,089.19 million rising from $2,816.1 million last May. While textiles exports grew 9.59% YoY in May, apparel exports rose by 9.84%.
Import of textile yarn, fabrics and made-ups declined 0.45% in April-May 2024, against the same period last year. Apparel imports fell 16% in April compared with last April and for the period January to April, apparel imports were 18.4% lesser than January-April, 2023.
According to the Confederation of Indian Textile Industry secretary general Chandrima Chatterjee, there is a slight improvement in global demand leading to better exports of Indian textiles and apparel.
On the import front, Bangladesh and China are two major countries from where India imports garments. Better demand from the western markets and higher production costs in Bangladesh could be reasons for the fall in imports. However, it needs to be seen whether this trend will continue in imports, she said.
Published - June 15, 2024 07:27 pm IST
