Readymade garments have declined by 10 per cent in FY ’24 compared to FY ’23, although accounting for 42 per cent of all textile exports. According to Mithileshwar Thakur, secretary general of the clothing Exports Promotion Council, clothing exports were US $ 14.5 billion in FY ’24.
In 2023–24, India’s textile exports suffered for the second year in a row as geopolitical concerns clouded the world economy. In FY ’24, exports were US $ 34.4 billion, a decrease of nearly US $ 1 billion (3 per cent) from FY ’23.
In contrast to FY ’22’s US $ 41 billion, exports decreased by 16.3 per cent. Due to the spike in cotton yarn exports during the previous fiscal year, the section of the textiles industry that consists solely of cotton yarn, fabs, madeups, and handloom products saw a notable YoY increase in exports by US $ 740 million in 2023–24 over 2022–23.
North America led the world in textile exports with US $ 11 billion, followed by Europe with US $ 10 billion and West Asian and North African nations with US $ 4 billion, according to data accessed through the Union Ministry of Commerce and Industry’s NIRYAT webpage.
The Federation of Indian Export Organisations (FIEO) vice president, Israr Ahmed, stated that the western economy as a whole has suffered, particularly in light of the recession that is occurring in several regions of the world.
Tirupur, India’s knitwear capital, is feeling the strain. According to Raja M. Shanmugam, the former president of the Tiruppur Exporters Association, exports from the textile hub fell from US $ 4 billion in FY ’22 to US $ 3 billion in FY ’24.
