India’s Textile & Apparel Export Declined 3% To US$ 34.4 Billion in FY 2023-24
India’s Textile and Apparel export declined further in FY 2023-24 to US$ 34.4 billion.
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India’s textile export declined further in FY 2023-24 to
US$ 34.4 billion. This is a consecutive decline year on year after the boom
immediately after Covid. Geo-political issues across the major markets and
higher interest rate to regulate inflation are cited as the prime reasons for
the decline.
Indian Textile & Apparel export dwindled approx. 3% from
last year’s value of US$ 35.5 billion while if compared to US$ 41 billion of FY
2021-22, the fall in export is whopping 16%. Readymade garments which
constitute around 42% of the export basket, declined 10% in 2023-24 to US$ 14.5
billion.
Among the export markets, North America topped with US$
11 billion, followed by Europe at US$10 billion while West Asia and North Africa
contributed US$ 4 billion.
The only silver lining is that export of Cotton Yarn,
Fabrics, Made-ups and Handloom products witnessed a significant increase of US$
740 billion in FY 2023-24 over the previous fiscal. Also, apparel export is
expected to perform better in current financial year from the dismal
performance of last year.
