Tamil Nadu Textile Exports Dip Marginally To USD 7.1 Billion In FY24


(MENAFN- KNN India) Chennai, Apr 22 (KNN) Tamil Nadu, India's top textile exporting state, witnessed a slight decline in its textile exports during the fiscal year 2023-24 (FY24) as the state's textile exports fell to USD 7.1 billion, compared to USD 7.9 billion in the previous fiscal year.

Consequently, the share of exports from Tamil Nadu to the overall textile export value of India also marginally decreased to 20.78 per cent, down from 22.58 per cent in the previous year, according to government
data.

Within the total textile exports from the state, readymade garments accounted for USD 4.69 billion, while cotton yarn, fabrics, made-ups, and handloom products contributed USD 2.06 billion.

Man-made yarn, fabrics, and made-ups amounted to USD 286 million, handicrafts (excluding handmade) stood at USD 89.2 million, carpets at USD 19.17 million, and carpet jute manufacturing, including floor covering, was USD 5.85 million.

Gujarat emerged as the second-largest exporter of textiles, followed by Maharashtra in the third position, as per the data.

Siddhartha Rajagopal, Executive Director, Textile Export Promotion Council (Texprocil), stated that while overall textile exports from India dropped by 3.24 per cent in FY24 compared to the previous year, the export of cotton textiles reached USD 11.683 billion, growing by approximately 6.7 per cent.

Regarding the decline in Tamil Nadu's textile exports, Rajagopal cited high raw material prices in the initial months of the previous fiscal year, low capacity utilisation by spinning units, and low offtake of garments as the main reasons, which also led to an overall decline in apparel exports from India by 10.25 per cent.

Looking ahead, Rajagopal expressed optimism for an improvement in the export position for both Tamil Nadu and India, citing stabilising demand, range-bound raw material prices, and the potential signing of the India-UK Free Trade Agreement (FTA).

(KNN Bureau)

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KNN India

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