India's Cotton and Handloom Exports Increase to $11.7 Billion in 2023-24

India's cotton yarn, fabrics/made-ups, and handloom exports saw a significant growth of 6.71% year-on-year, reaching $11.7 billion in the fiscal year 2023-24, despite an overall 3% decline in total exports. The commerce ministry reported a notable surge in March, with exports growing by 6.78% to $1 billion. This category of exports is closely monitored by the ministry and is a key player in India's trade landscape. The top export markets for these products in the last fiscal year were the US, Bangladesh, China, Sri Lanka, and the UAE. The US alone accounted for over 25% of India's exports, followed by Bangladesh, China, Sri Lanka, and the UAE. Additionally, exports expanded into new markets such as Anguilla, Serbia, Georgia, and others, showcasing India’s dynamic trade reach. Industry experts believe that promising markets like Brazil and Vietnam offer the potential for increased exports in this sector. India's goal is to boost textile shipments to $100 billion by 2030, leveraging its position as the largest global producer of cotton. Overall, India's merchandise exports decreased by 3.11% to $437 billion in 2023-24, with imports also declining in the same fiscal year. This growth in cotton and handloom exports signals a positive trend in India's labour-intensive textiles sector, highlighting its importance in the global market.