India’s Textile & Apparel Export Declined 3% To US$ 34.4 Billion in FY 2023-24

Market Intelligence

India’s Textile & Apparel Export Declined 3% To US$ 34.4 Billion in FY 2023-24

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.

Apart from the geopolitical unrest and high interest rate, escalated logistic costs due to Red Sea crisis have also played a spoilsport affecting textile exports.

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.

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