The Indian textile industry saw its exports increase by 9.59% year-on-year in May 2024 and apparel exports rose by 9.84% in the same time period despite global challenges and unfavourable financial conditions in major export markets.
As large global markets including the US, European Union, and West Asia struggle with a mix of geopolitical tensions and economic downturns, Indian textile and apparel businesses reported strong orders, according to a new report by the Confederation of Indian Textile Industry, accessed by Indo-Asian News Service. Exports of both clothing and textiles put together grew by 9.7% in May 2024 compared to May 2023 while total exports across industries rose by 10.2% year-on-year, according to the Ministry of Commerce and Industry.
Along with clothing and textiles, other Indian industries which saw strong export growth in May this year included electronics, engineering products, both organic and inorganic chemicals, and pharmaceuticals among others. India’s top export markets include the US, UAE, UK, the Netherlands, China, Singapore, Bangladesh, Saudi Arabia, France, and Germany, according to the Federation of Indian Export Organisations.
The Confederation of Indian Textile Industry works to advocate for Indian textile and apparel exports, according to its website. The organisation recently called for a move to ensure availability of raw materials including cotton and man-made fibres at internationally competitive prices to ensure growth in the sector can continue, Apparel Resources reported.
Copyright © 2024 FashionNetwork.com All rights reserved.
