India's textile exports have grown steadily, even though they are coming from big markets like the EU, the US, and West Asian countries. From May 2023 to May 2024, textile exports increased by 9.59 percent, according to a study from the Confederation of Indian Textile Industry (CITI). During the same time period, clothing exports also grew by 9.84%. From the previous year to this year, textile and clothing exports grew by 9.70%.
India's total exports jumped to $68.29 billion in May 2024, a noticeable 10.2% rise from the same month the previous year. While things are adverse in some key markets, this rise in exports is positive news for India's economy.
The textile industry has done well in terms of exports, but so have other industries such as medicines, electronics, engineering goods, and petroleum products. Because of growth in the manufacturing sector, exports of electronic items went up by 22.97%. The growth rates of 15.75 percent for petroleum products and 7.39 percent for industrial goods are also very high.
India's top ten export markets, such as the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany, and France, have been doing well, which is why exports are going up. Heavy orders are also helpful. There have been double-digit growth rates in exports to these countries have grown at double-digit rates.
In conclusion, the robust growth in textile exports and other sectors demonstrates the Indian economy's strong competitiveness on the global market. But India keeps showing that it has what it takes to be a major player in foreign trade, even though there are problems.
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