(MENAFN- IANS) New Delhi, Jan 2 (IANS) India's overall export of textiles & apparel (including handicrafts) recorded a 7 per cent growth to $21.36 billion during April-October of FY 2024-25, compared to the corresponding figure of $20.01 billion for the same period of FY 2023-24, according to a statement issued by the Ministry of Textiles on Thursday.

Ready-made garments (RMG) exports to the tune of $8.73 billion, constituted the largest share of 41 per cent in India's total textile exports during April-October of FY 2024-25. Cotton textiles rank second in the export list with a 33 per cent share valued at $7.08 billion followed by man-made textiles (15 per cent, $ 3.105 billion) during the 7-month period of the current financial year.

Major textile and apparel export destinations for India are the US and the EU with around 47 per cent share in total textile and apparel exports. India is a major textile and apparel exporting country and enjoys a trade surplus. The bulk of the import in textiles takes place for re-export or for industry requirements of raw material.

Exports in FY 2024 were initially low mainly due to the geopolitical crises around the Red Sea, which affected ship movement during January, February, and March 2024.

Growth of exports is observed in all principal commodities during the period of April-October of FY 2024-25 compared to the corresponding period of FY 2023-24, except wool and handloom which declined by 19 per cent and 6 per cent, respectively, the statement said.

The overall import of textiles & apparel (including handicrafts) declined 1 per cent during the April-October period of FY 2024-25 ($5.425 billion) compared to the same period of FY 2023-24 ($5.464 billion)

The man-made textiles category with imports of $1.86 billion has the largest share (34 per cent) in the total imports ($5.43 billion) during the period of April-October of FY 2024-25, as there is a demand-supply gap in this sector, the statement said.

On the other hand, India's import of textiles and apparel products has decreased by approximately 15 per cent to $8.946 billion during FY 2023-24 in comparison to the corresponding figure of $10.481 billion in FY 2022-23.

Growth of imports is observed majorly in cotton textiles mainly on account of the import of long-staple cotton fibre and such trends of import indicate an increase in production capacity of the country amidst rising consumption and self-reliance, the statement added.

India stands as the 6th largest exporter of textiles & apparel in the world based on 2023. The share of textile and apparel (T&A) including handicrafts in India's total exports stands at a significant 8.21 per cent in 2023-24.

The country has a share of 3.9 per cent of the global trade in textiles and apparel.

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