The textiles industry has reason to celebrate as it records a robust performance in exports for Feb, marking positive growth trends for the 11-month period of the current financial year.
According to the data released by the Confederation of Indian Textile Industry (CITI), key segments such as cotton yarn, fabrics, and made-ups have witnessed a significant surge in exports, registering a remarkable 17% growth in Feb compared to last year.
This promising uptick suggests a favourable outlook for Gujarat’s textiles sector.
Over 11 months, exports of these products have also shown resilience, boasting a commendable 6.7% increase compared to the corresponding period in the previous year.
In Feb 2024, exports of Indian textiles grew 19.54% year-on-year, while apparel exports also saw a respectable uptick of 4.88% during the same timeframe.
The cumulative exports of textiles and apparel during Feb 2024 showed a growth of 12.49 % over the preceding year.
However, the overall scenario for the April 2023 to Feb 2024 period paints a mixed picture, with Indian textiles exports registering a modest growth of 1.75% year-on-year, juxtaposed with a notable decline of 11.42% in apparel exports during the same timeframe.
The cumulative exports of textiles and apparel during this period showcased a decrease of 4.25% compared to the corresponding period in the previous fiscal year.
Industry experts attribute this positive trajectory in cotton yarn and fabric exports to India’s competitive cotton prices throughout the current financial year, which have bolstered demand in international markets.
Gujarat has notably benefited from this trend, with its substantial share in cotton yarn, fabric, and made-up exports.
The surge in demand, particularly from countries like Bangladesh and China, has driven this growth.
Conversely, the apparel segment has faced challenges, experiencing a decline primarily due to heightened input costs and subdued demand in various countries amidst soaring inflation .
Bharat Chhajer, former chairman of Powerloom Development and Export Promotion Council (PDEXCIL), said, “The ongoing conflict between Russia and Ukraine, coupled with the Red Sea crisis, has compounded the situation, resulting in increased business costs and pricing pressures. Moreover, stiff competition from nations like Vietnam and Bangladesh, coupled with the reduction in cotton prices, has decreased the value of apparel exports from India.”
