In February, textile exports increased by 17% year on year

The textile industry has reason to celebrate after reporting strong export performance in February, indicating good growth patterns for the first 11 months of the current fiscal year.

According to data issued by the Confederation of Indian Textile Industry (CITI), important areas such as cotton yarn, textiles, and made-ups have seen a considerable increase in exports, up 17% in February compared to the previous year.

This significant increase signals a bright future for Gujarat's textiles sector.

Exports of these products have also showed tenacity over the last 11 months, increasing by a remarkable 6.7% when compared to the same period last year.

In February 2024, Indian textile exports increased by 19.54% year on year, while clothing exports increased by 4.88%.

The cumulative textile and apparel exports in February 2024 increased by 12.49% over the previous year.

However, the overall picture for April 2023 to February 2024 is mixed, with Indian textile exports growing modestly by 1.75% year on year, while clothing exports fell by 11.42% during the same period.

Textile and apparel exports decreased by 4.25% over the same time in the previous fiscal year.

According to industry experts, India's competitive cotton prices throughout the current fiscal year have boosted demand in international markets, resulting in a positive trajectory in cotton yarn and fabric exports.

Gujarat has benefited significantly from this development, with a large share of cotton yarn, fabric, and made-up exports.

This development has been fueled by a surge in demand, mainly from Bangladesh and China.

Conversely, the apparel segment has had issues, with a decline owing mostly to increased input costs and subdued demand in many nations amid rising inflation.

Bharat Chhajer, former chairman of the Powerloom Development and Export Promotion Council (PDEXCIL), stated, "The ongoing conflict between Russia and Ukraine, combined with the Red Sea crisis, has exacerbated the situation, resulting in increased business costs and pricing pressures."

 Furthermore, severe competition from nations such as Vietnam and Bangladesh, combined with lower cotton prices, has reduced the value of India's garment exports.

21/03/2024 02:29pm