Amid global economic challenges, Indian textile exports surge by 9.59% in May

Cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70 per cent over May last year

June 16, 2024

India’s merchandise exports rise 9.1% in May 2024 to $38.13 bn; service exports climb by 11.7%, to USD 30.16 bn

Amid global economic challenges, Indian textile exports grew by 9.59 percent compared to the previous year in May 2024, simultaneously, Indian apparel exports saw a growth of 9.84 percent during the same period, the Confederation of Indian Textile Industry (CITI) said in a report.

The CITI in its report highlighted that the cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70 percent over May last year. The country’s overall exports for May 2024 surged to USD 68.29 billion. This was a substantial year-on-year increase of 10.2 percent, according to data released by the Commerce Ministry on June 14.

There are reports of unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations.

The analysis noted that during April-May 24, Indian textile exports registered a growth of 6.04 percent over the previous year, while apparel exports registered a growth of 4.46 percent during the same time period. The cumulative exports of textiles and apparel during April-May 2024 saw a surge of 5.34 percent as compared to the same period last year.

The recently released export data revealed that sectors such as electronic goods, drugs, and pharmaceuticals, organic and inorganic chemicals, engineering goods, petroleum products, plastics & linoleum, cotton yarn/fabs made-ups (textiles manufactured), handloom products, etc., man-made yarn/fabs./made-ups, handloom products, etc. performed well in the exports from the country.

Breaking down export data released yesterday, the merchandise exports witnessed a 9.1 percent rise to USD 38.13 billion, while service exports climbed by 11.7 per cent, reaching USD 30.16 billion.

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