New Delhi, Aug 16 (IANS): India's apparel exports clocked a robust growth of 11.85 per cent in July on the back of strong demand in the US and European markets, according to data compiled by the Confederation of Indian Textile Industry (CITI).
Apparel exports shot up to $1,277.20 million during July this year from $1,141.95 million in the same month last year, while textile exports were steady at $1,660.36 million in July compared to $1,663.06 million.
The overall growth rate of the textile and apparel sector works out to 4.73 per cent at $2,937.56 million for the month compared to $2,805.01 million in July 2023.
"This year has shown promising progress for India's textiles and apparel exports, particularly when compared to last year. 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," CITI Chairman Rakesh Mehra said.
He said the industry remains optimistic about export orders in the coming months, and is poised to further leverage the Free Trade Agreements (FTAs) like the India-Australia Economic Cooperation and Trade Agreement (ECTA) and the India-UAE Comprehensive Economic Partnership Agreement (CEPA) which have now been concluded.
"These agreements are expected to provide additional momentum to our exports. 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," Mehra added.
The cumulative value of India’s merchandise exports during April-July 2024 was $144.12 billion as compared to $138.39 billion during April-July 2023, registering a positive growth of 4.15 per cent, according to official figures.
"Our exports are holding on despite what is happening globally,” Commerce Secretary Sunil Barthwal told reporters after the release of the official data this week.
He was referring to the escalating geopolitical tensions due to the West Asia crisis which has disrupted shipping and created uncertainties in the advanced economies.