CITI’s data shows positive momentum for Indian cotton, MMF exports in Q4 2024
A focused analysis of the cotton and man-made fiber segments of the Indian textile industry reveals a story of resilience and steady growth in the face of global challenges. CITI's latest data for October to December 2024 indicates that these key sectors maintained positive momentum, contributing significantly to India's overall textile export performance.
Table: Cotton and MMF yarns/fabs/made-ups
|
Particulars |
Oct-24 |
Nov-24 |
Dec-24 |
Oct-23 |
Nov-23 |
Dec-23 |
|
Cotton Yarn/Fabs./made-ups, Handloom Products etc. |
985.12 |
1,012.54 |
1,050.31 |
854.21 |
897.65 |
937.93 |
|
Man-made Yarn/Fabs./made-ups etc. |
398.75 |
405.82 |
421.51 |
345.87 |
358.12 |
374.57 |
|
Subtotal |
1,383.87 |
1,418.36 |
1,471.82 |
1,200.08 |
1,255.77 |
1,312.50 |
The above table shows, consistent growth for both cotton and man-made fiber (MMF) segments month-on-month from October to December 2024. This indicates sustained demand for Indian textile products in the global market. The cotton segment however, which includes yarns, fabrics, made-ups, and handloom products, showed particularly strong growth. This highlights the continued importance of cotton as a primary raw material for the Indian textile industry. MMF fiber segment also showed healthy growth, reflecting the industry's efforts to diversify its product portfolio and cater to evolving market preferences.
Growth drivers
Perhaps what is driving growth is the competitive pricing. Indian textile products are known for their competitive pricing, which has helped maintain export demand despite global economic uncertainties. Add to it government initiatives such as production-linked incentives (PLIs) that have played a crucial role in boosting the competitiveness of the Indian textile industry. And the industry's efforts to diversify its product range and explore new markets have contributed to its sustained growth.
However, rising raw material costs, particularly for cotton, remain a challenge for the industry to sustain its growth momentum. And the growing competition from other textile-producing countries is also a bane.
Despite these challenges, the consistent growth in the cotton and man-made fiber segments in Q4 2024 shows the resilience and adaptability of the Indian textile industry. With continued government support and a focus on innovation and diversification, the sector is well-positioned for further growth in the coming years.