India remained the sixth largest exporter of textiles and clothing in 2023, accounting for 8.21% of total exports.
The sector grew by 7% in FY 2024-25, with the fastest growth in the ready-made garments sector. The geopolitical crisis impacted exports in early 2024.
Imports fell by 1% due to short supply of man-made textiles and increased cotton textile imports to support production.
India maintained a solid share of 3.9% in the global textile and clothing market, securing its position as the sixth largest exporter in the world in 2023. The sector accounted for 8.21% of India's total exports. Despite global trade challenges, the US and the EU remained India's top export destinations, accounting for 47% of its textile exports.
The sector's exports grew by 7% to $21.36 billion during the April-October period of FY 2024-25, compared with $20.01 billion in the same period last year. Ready-made garments (RMG) led the surge in exports at $8.73 billion, or 41% of total exports. Cotton textiles followed at $7.08 billion, and man-made textiles accounted for 15% at $3.11 billion.
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The sector's exports grew by 7% to $21.36 billion during the April-October period of FY 2024-25, compared with $20.01 billion in the same period last year. Ready-made garments (RMG) led the surge in exports at $8.73 billion, or 41% of total exports. Cotton textiles followed at $7.08 billion, and man-made textiles accounted for 15% at $3.11 billion.
However, global textile exports faced challenges in early 2024, mainly due to geopolitical tensions such as the Red Sea crisis and the Bangladesh crisis. These issues severely affected export activities in January-March 2024. The Ministry of Textiles said in a press release that exports of wool and handloom textiles declined by 19% and 6%, respectively, while exports of other categories witnessed growth.
On the import side, India's textile and clothing imports were $5.43 billion during April-October 2024-25, down 1% from $5.46 billion in the same period of 2023-24.
During this period, the man-made textiles sector accounted for 34% of India's total textile imports, worth $1.86 billion, and the growth was mainly due to the supply-demand gap. The increase in cotton textile imports was due to the demand for long-staple cotton fibers, which indicates that India is working hard to increase domestic production capacity to meet the growing consumer demand. This strategic trend supports India's path to self-reliance and expansion of the textile industry.
Post time: Jan-13-2025