Tamil Nadu’s textile exports slightly decrease to $ 7.1 bn in FY24

Tamil Nadu experienced a marginal decline, dropping to 20.78 per cent from 22.58 per cent in the previous year.  

In Tamil Nadu, India’s leading state for textile exports, there was a slight decrease observed in textile exports during the fiscal year 2023-24 (FY24), as it was reported that the state’s textile exports had fallen to $ 7.1 billion from $ 7.9 billion in the preceding fiscal year.

According to government data, the percentage of exports from Tamil Nadu to the total textile export value of India also experienced a marginal decline, dropping to 20.78 per cent from 22.58 per cent in the previous year.

Among the various categories of textile exports from the state, readymade garments accounted for $ 4.69 billion, while cotton yarn, fabrics, made-ups, and handloom products collectively contributed $ 2.06 billion.

Man-made yarn, fabrics, and made-ups constituted $ 286 million, while handicrafts (excluding handmade) were valued at $ 89.2 million, carpets at $ 19.17 million, and carpet jute manufacturing, along with floor covering, amounted to $ 5.85 million.

The data revealed that Gujarat emerged as the second-largest exporter of textiles, with Maharashtra following in the third position.

Siddhartha Rajagopal, the Executive Director of Textile Export Promotion Council (Texprocil), noted that despite an overall decline of 3.24 percent in textile exports from India in FY24 compared to the previous year, the export of cotton textiles surged to $ 11.683 billion, marking a growth of approximately 6.7 percent.

Rajagopal attributed the decline in Tamil Nadu’s textile exports to high raw material prices in the initial months of the previous fiscal year, low capacity utilisation by spinning units, and decreased uptake of garments, which consequently led to a 10.25 percent decline in apparel exports from India overall.

Looking towards the future, Rajagopal expressed optimism regarding an improvement in the export situation for both Tamil Nadu and India, citing stabilising demand, steady raw material prices, and the potential signing of the India-UK Free Trade Agreement (FTA).

News Source: KNN India