India's Textile Market Outlook FY 2023-24

India's Textile Market Outlook FY 2023-24
 India is the world’s 4th leading textile exporting country in the world. Although, India’s textiles exports declined by 4.4% last year. According to India import export data, the country’s overall textile exports were estimated to be around $32 billion for the fiscal year 2023-2024. These were mainly knitted, not knitted garments, cotton, silk, carpets, worn  clothes, etc. 

The United States was the biggest market for Indian garments showing high demand in 2023. The USA accounted for 25% of India's overall textiles exports. India export data shows formidable growth in textiles exports to Bangladesh (8%), United Arab Emirates (5%), United Kingdom (4.6%) and Germany (4.5%). 


Rupa & Company, Spica Group, Swasthik Clothings, Eastman Exports and Metro Atheisure were the top textiles export companies from India with record shipments last year. Commodity wise, India's silk exports showed high demand across European and the US market. India customs data shows growth in India's silk fabrics exports up to $218 million in FY 2023. Nandan Denim, Ajanta Universal Fabrics and G M Syntex  were the prominent silk export companies from India.


In terms of woollen fabrics, India’s export earnings were around $180 million showing significant growth in FY 2023. Whereas, in 2022, India’s woollen exports were $130 million. Indonesia was the biggest market for India's woollen fabrics exports with 36% share of imports. Whereas, Italy (23%), United Arab Emirates (13%) and Vietnam (11%) were the fastest growing markets for Indonesia's woollen fabrics exports.


On the other hand, India’s cotton and its articles exports from India were estimated to be $2.18 billion during FY 2023. China was the leading destination for India's cotton exports accounting for 45% market share. Also, there were notable cotton export shipments to the United States, Bangladesh, Vietnam and Turkey. D'Decor fabrics, G M Syntex, and Shreedhar Cotsyn are some of the leading cotton fabrics export companies from India.


Whereas, India's knitted or crocheted garments exports stood at around $12 billion in 2023. The United States accounted for the country's 31% knitted garments exports followed by the UK (4.2%), Yemen (4%) and the Netherlands (3.9%). On the other hand, non-knitted fabrics exports from India hit $10 billion in 2023. The United States, United Arab Emirates, Denmark and Germany were the leading destinations for India's non-knitted fabrics.

In terms of carpets and rugs exports, India’s exports figures were $1.6 billion during FY 2023. The United States was responsible for 60% of India’s overall carpets and rugs exports. Italy, Germany, Spain and the Uk were other significant markets for India’s carpet exports. Whereas, worn out clothing items exports were $234 million in 2023. The United States, Germany, Italy and Iraq were the fastest growing markets for India’s worn clothing exports.


India’s textiles exports could seek positive growth this year. The government is planning to make its textile industry a 200 billion dollar market by 2047. Indian textiles business owners can solidify their business globally through the intelligence of Global import export data provider. The data will empower companies to gain actionable insights over the global textiles market such as top textiles items exports, imports, trading markets, product price, shipment volume, competitor analysis and potential customers. This is the most economical way to fuel up companies' sales and get ahead of competition.

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