India's Apparel Exports in Q4 FY24: A Mixed Bag
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India's apparel exports in Q4 FY24 (January-March 2024) witnessed a flat growth of around 1%, according to a report by Gokaldas Exports, a leading apparel exporter. This translates to a figure of approximately ?818 crore (around $100 million).Despite initial projections of exceeding $50 billion in textile and apparel exports for FY24, overall growth fell short. This can be attributed to several factors, including:
- Weakening global demand: Adverse economic conditions and challenges in key markets like the US and Europe impacted export volumes.
- Inventory pile-up: Excess inventory with brands hampered fresh orders from overseas buyers.
However, there are some positive takeaways:
- Strong performance by individual companies: Gokaldas Exports itself reported a 54% year-on-year rise in total income for Q4 FY24.
- Growth in specific segments: While overall apparel exports stagnated, some sectors like cotton yarn, fabrics, and handloom products saw a significant increase.
The outlook for the coming quarters remains cautious. The industry is grappling with rising input costs and potential global economic slowdown.
04:29 PM, Jul 10
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