Indian Textile Industry Sees Revival With 6.93% Export Growth In 2024

2024-12-30 02:12:45

(MENAFN- KNN India) Ahmedabad, Dec 30 (KNN) The Indian textile industry is witnessing a remarkable resurgence in the current financial year, with exports showing a steady increase.

From April to November 2024, textile exports rose by 3.9 per cent to USD 13,478 million, while apparel exports surged by 11.39 per cent to USD 9,853 million. Overall, exports have grown by 6.93 per cent during this period, signalling a revival in the sector.

Despite Indian cotton prices being higher than international rates, the industry has maintained robust export performance. November 2024 data from the Confederation of Indian Textile Industry (CITI) indicates a 3 per cent rise in textile exports and an 8 per cent growth in apparel exports compared to November 2023.

Gujarat's textile industry, in particular, is experiencing a boost in export orders. Rahul Shah, co-chairman of the textile task force of the Gujarat Chamber of Commerce and Industry (GCCI), highlighted that while cotton yarn exports have grown by only 2 per cent, apparel exports have shown significant momentum.

"Bangladesh's ongoing crisis has shifted many international orders to India, utilising idle garment capacities," Shah noted. Southern and Gujarat-based garment manufacturers are particularly benefiting from this shift.

The weakening of the rupee against the dollar has also played a pivotal role in enhancing the competitiveness of Indian textile exports. Markets in Southeast Asia, Europe, and the USA have shown increased demand for Indian products.

Additionally, spinning units in Gujarat are running at full capacity, supported by stable yarn prices despite a decrease in cotton prices.

This has resulted in profitability for these units. However, Shah emphasised the need to improve cotton yield to further enhance the export potential of cotton yarn.

The textile sector's strong performance is attributed to higher demand, competitive pricing, and strategic market shifts. With continued support and focus on enhancing raw material production, the industry is poised for sustained growth in the global market.

(KNN Bureau)

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