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.
–IANS
sps/rad
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
