Apparel exports witness double digit growth in July: CITI

India’s apparel exports witnessed 11.85% year-on-year growth in July to total $1.28 billion compared to $1.14 billion in July 2023. The Indian industry benefitted from robust demand in the US, European Union, and the UK, according to the Confederation of Indian Textile Industry.

“This year has shown promising progress for India’s textiles and apparel exports, particularly when compared to last year,” said CITI’s chairman Rakesh Mehra, Indo Asian News Service reported. “The growth in exports is largely attributed to the expanding share of Indian apparel in key markets such as the US, alongside increased exports to the European Union and the UK.”
 
India’s textile exports remained steady in July, totalling $1.66 billion compared to a similar total in July 2023. Put together, textile and apparel exports grew by 4.73% year-on-year in July 2024 with a total value of $2.94 billion compared to $2.81 billion in July 2023, ET Retail reported.
 
CITI remains positive for future growth in the industry, fuelled by numerous free trade agreements negotiated by the Indian government. “These [free trade] agreements are expected to provide additional momentum to our exports,” said Mehra. “The industry anticipates continued growth and is strategically positioning itself to capitalise on these opportunities, ensuring that India remains a key player in the global textiles and apparel market.”