The Indian textiles industry is basking in a significant achievement as it reports a robust performance in exports for February, indicating positive growth trends for the 11-month period of the current financial year.
According to data released by the Confederation of Indian Textile Industry (CITI), crucial segments like cotton yarn, fabrics, and made-ups have experienced a remarkable surge in exports, witnessing a notable 17 per cent growth in February compared to the previous year.
This promising uptick reflects a favourable outlook for Gujarat’s textiles sector, with exports of these products showcasing resilience over the 11-month period, boasting a commendable 6.7 per cent increase compared to the corresponding period in the previous year.
In February 2024, Indian textiles exports grew by 19.54 per cent year-on-year, with apparel exports also witnessing a respectable uptick of 4.88 per cent during the same timeframe. The cumulative exports of textiles and apparel during February 2024 exhibited a growth of 12.49 per cent over the preceding year.
However, the overall scenario for the April 2023 to February 2024 period paints a mixed picture, with Indian textiles exports registering a modest growth of 1.75 per cent year-on-year, contrasted with a notable decline of 11.42 per cent in apparel exports during the same timeframe.
The cumulative exports of textiles and apparel during this period showcased a decrease of 4.25 per cent compared to the corresponding period in the previous fiscal year.
The Indian textiles industry is basking in a significant achievement as it reports a robust performance in exports for February, indicating positive growth trends for the 11-month period of the current financial year.
