Chennai, April 19 -- India's textile exports took another hit in the 2023-24 fiscal year, dropping by over USD 1 billion or 3 per cent from the previous year to USD 34.4 billion.

Compared to 2021-22's exports of USD 41 billion, the decline was a steeper 16.3 per cent.

The dip is attributed to ongoing geopolitical tensions and a struggling global economy that has dampened consumer demand.

However, one bright spot was the cotton yarn, fabrics, made-ups and handloom segment, which saw exports increase by USD 740 million year-over-year.

The overall western economy has taken a hit, especially in terms of recession in some parts of the globe. This has caused a drop in consumer confidence in those countries, said Israr Ahmed, vice preside...