North News
New Delhi, January 2
India’s textile and apparel imports for FY 2023-24 have decreased by nearly 15%, amounting to $8,946 million, compared to $10,481 million in FY 2022-23. During the first seven months of FY 2024-25 (April-October), the overall imports (including handicrafts) witnessed a slight decline of 1%, totaling $5,425 million, down from $5,464 million during the same period in FY 2023-24, said the Textile Ministry on Thursday.
Among these imports, the man-made textiles category dominates, accounting for 34% of the total imports with $1,859 million. This sector’s prominence is driven by a significant demand-supply gap. In contrast, imports of cotton textiles have shown notable growth, particularly in long staple cotton fiber, reflecting the country’s growing production capacity in response to rising domestic consumption and its drive toward greater self-reliance in the textile sector.
India emerged as the world’s sixth-largest exporter of textiles and apparel in 2023, with the sector, including handicrafts, contributing 8.21% to the country’s total exports in 2023-24. India commands 3.9% of the global trade in textiles and apparel, cementing its position as a significant player in the industry. The United States and the European Union remain key markets, accounting for around 47% of India’s textile and apparel exports. Despite geopolitical challenges, India’s trade surplus in this sector underscores its strength. Most imports in the textile segment cater to re-exports or fulfill raw material needs for domestic industries.
Experts attribute export trends to a mix of factors, including global demand, internal consumption, order flow, and logistics. Geopolitical issues, such as the Red Sea and Bangladesh crises, significantly impacted exports, particularly during the first quarter of 2024. However, India’s resilience and strategic trade practices are expected to stabilize growth in the coming years.
