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Trade Trends News
28-04-2024
The country's exports of cotton yarn, fabrics/manufactured goods and handlooms grew by 6.71% year-on-year to $11.7 billion in FY 2023-24. Exports grew by 6.78% to $1 billion in March alone and the momentum continues.
The top 5 export markets for Indian cotton and textiles in 2023-24 are the US, Bangladesh, China, Sri Lanka and the UAE. The US accounts for over 25% of India's total exports from the sector, followed by Bangladesh (16%), China (6.6%), Sri Lanka (4.4%) and UAE (2.35%).
Notably, Indian exporters in the sector explored and entered new regions in the last fiscal, including Anguilla, Serbia, Georgia, Sweden, Cyprus, Azerbaijan, Iran, Zambia, Cote d'Ivoire, Sierra Leone and Russia.
Industry experts say that Brazil and Vietnam have great potential as emerging markets for India's cotton and textile exports. On an average, India exports about $1 billion worth of these products every month.
As the world's largest producer of cotton, accounting for 23% of the world's total cotton production, India's strong performance in this sector is contributing to the growth of the country's labor-intensive textile exports.
Exporters are aiming to increase textile exports to $100 billion by 2030.
Despite an overall decline in India's merchandise exports to $437 billion and imports to $677.24 billion in 2023-24, the surge in cotton and textile exports underscores the resilience of the sector and the potential for further growth, providing a much-needed boost to the country's exports.
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