Cotton exports surge 7% to $11.7 bn in FY24

During the last fiscal year, the top five export destinations for this sector were identified as the US, Bangladesh, China, Sri Lanka, and the UAE.

The country’s exports of cotton yarn, fabrics/made-ups, and handlooms saw a rise of 6.71 percent year-on-year, reaching $11.7 billion in the fiscal year 2023-24, despite a 3 percent decline in total exports during the previous fiscal year.

According to data from the commerce ministry, it was reported that these exports experienced a growth of 6.78 percent in March, amounting to $1 billion.

In the fiscal year 2022-23, the export figures for these products were recorded at $10.95 billion. This was identified as one of the significant product categories among the 30 closely monitored by the ministry.

During the last fiscal year, the top five export destinations for this sector were identified as the US, Bangladesh, China, Sri Lanka, and the UAE.

It was noted that the US constituted over 25 percent of India’s total exports of cotton yarn, fabrics/made-ups, and handlooms, followed by Bangladesh (16 percent), China (6.6 percent), Sri Lanka (4.4 percent), and the UAE (2.35 percent).

In the fiscal year 2023-24, there was also expansion into new markets such as Anguilla, a British Overseas Territory in the Eastern Caribbean, Serbia, Georgia, Sweden, Cyprus, Azerbaijan, and Iran.

Additionally, new markets explored by domestic exporters from the sector included Zambia, Cote D’Ivore, Sierra Leone, and Russia.

An industry expert expressed optimism about the potential of Brazil and Vietnam as promising markets for these shipments.

It was observed that, on average, India exports products worth $1 billion in this category every month.

Estimates indicated that India holds the position of the largest producer of cotton globally, contributing to 23 percent of the total global cotton production.

The contribution of this category of exports was seen as instrumental in boosting the country’s labor-intensive textiles exports.

Exporters were aiming to elevate textile shipments to $100 billion by the year 2030.

India’s total merchandise exports experienced a decline of 3.11 percent, amounting to $437 billion in the fiscal year 2023-24. Similarly, imports also decreased to $677.24 billion during the same period.