India's textile exports rose by 9.59 percent in May compared to the same month last year, despite the ongoing tough economic situation prevailing in major markets based in the European Union, the United States, and West Asia, said Confederation of Indian Textile Industry. The country's apparel exports grew by 9.84 percent during the period under review, the report said.
According to a CITI report, May 2024 Combined textiles and apparel exports were higher by 9.70 percent when compared to May of the previous year. The Country's overall exports in May 2024 stood at USD6812916 million, which is 10.2 percent higher when compared to the same month of the previous year, according to the commerce ministry data.
CITI's analysis further reveals that compared to the same month of last year, from April to May 2024, Indian exports of textiles rose by 6.04 percent and that of apparel by 4.46 percent for the same period. Cumulative exports of textiles and apparel for the two months record a rise of 5.34 percent compared to the previous year during the same months.
Other sectors such as electronic goods, pharmaceuticals, organic and inorganic chemicals, engineering goods, and petroleum products were the other winners in respect of exports as per the latest export data.
For instance, exports of electronic goods rose by as much as 22.97 percent. This shows how the composition of India's exports has changed due to the growth of its manufacturing sector.
Likewise, the exports of petroleum products rose by 15.75 percent on a year-on-year basis while that of engineering goods increased by 7.39 percent.
The President, FIEO, Ashwani Kumar said, " May 2024 was on the right path with authority order booking". The US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany, France were amongst the top ten destinations export to which grew in double digits.
Overall merchandise exports from India grew 9.1 percent to $38.13 billion, while service exports rose 11.7 percent to $30.16 billion.
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