Continuing the negative trend, India witnessed 70.86 per cent decline in its cotton yarn export during September on Y-o-Y basis.
The official Commerce Ministry’s data and Apparel Resources’ analysis further showed that cotton yarn exports have shrunk to US $ 129.28 million in September ’22 from US $ 442.80 million a year ago.
Cumulatively, in April-September period of FY ’23, the exports have plummeted to US $ 1.27 billion, noting 47.91 per cent yearly decline.
The cotton yarn shipment to Bangladesh has dropped by 71.21 per cent to US $ 51.38 million in September ’22, while shipment to Egypt and Portugal has tumbled by 57.55 per cent and 79.24 per cent on Y-o-Y basis, respectively.
Among the top 10 destinations, India has witnessed growth only in its shipment to Italy and Sri Lanka by 10.90 per cent and 37.63 per cent in September as value-wise shipment stood at US $ 6.46 million and US $ 7.47 million respectively.
According to TOI, TEXPROCIL committee of administration member Rahul Shah mentioned, “The projection of India’s cotton crop lowered from around 3.55 crore candy (356 kg each) to 3.15 crore candy and it resulted in an unprecedented rise in cotton prices, reaching Rs. 1.10 lakh per candy from its traditional price of about Rs. 45,000 per candy,” adding, “The price of Indian cotton remained at least 20 per cent higher than that of other varieties and therefore our competitiveness against Turkey, Vietnam and China went down. In fact, India imported about 10,000 tonnes of cotton yarn from Vietnam to Ahmedabad and South India, probably for the first time.”
Source: Apparel Resources
