India's textile exports rise 6.71% to $11.7 billion in FY24
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The commerce ministry in its latest data has showed that India's cotton yarn, fabrics/made-ups and handlooms exports rose 6.71 per cent year-on-year to $11.7 billion in 2023-24, even as the total exports dipped by 3 per cent in FY24. These exports in March 2024 grew by 6.78 per cent to $1 billion. In 2022-23, these exports stood at $10.95 billion. This is one of the key product categories out of 30 closely monitored by the ministry.
The top five export markets for the sector during the last fiscal year were the US, Bangladesh, China, Sri Lanka, and the UAE. The US accounts for over 25 per cent of India's total cotton yarn, fabrics/made-ups and handlooms exports, followed by Bangladesh (16 per cent), China (6.6 per cent), Sri Lanka (4.4 per cent), and UAE (2.35 per cent).
In 2023-24, the outbound shipments also entered new geographies like Anguilla, a British Overseas Territory in the Eastern Caribbean; Serbia; Georgia; Sweden; Cyprus; Azerbaijan; and Iran. The other new markets explored by domestic exporters from the sector include Zambia, Cote D'Ivore, Sierra Leone, and Russia. On average, India exports of these products worth $1 billion every month. Meanwhile, India's total merchandise exports dipped by 3.11 per cent to $437 billion in 2023-24. Imports too dipped to $677.24 billion in FY24.
