FY ’22 proved to be a great one for Indian cotton yarn exporters as they managed to tap 92.32 per cent growth on yearly basis.
However, the start of FY ’23 remains dismal as India’s cotton yarn exports declined by 42.82 per cent to US $ 1.14 billion in April to August period, as per official data released by Ministry of Commerce and Industry, India.
The decline was majorly contributed by the top export destinations Bangladesh and China where exporters saw a drop of 36.14 per cent and 93.14 per cent respectively!
The shipment to Bangladesh valued US $ 513 million dropping from US $ 803 million a year earlier, while shipment to China shrunk from a whopping US $ 409.44 million to just a meagre US $ 28.08 million in the said period.
Cotton yarn shipment from India to Portugal too came down drastically from US $ 93 million to US $ 40.81 million in the review period, noting 56 per cent yearly downfall.
On one hand, exports to Bangladesh, China and Portugal remained negative, while on the other hand, it increased in Egypt and Italy.
Cotton yarn exports to Egypt valued US $ 74.36 million (up by 5.47 per cent), while the exporters clocked US $ 36.93 million (up by 132 per cent) from the Italy market.
Source: Apparel Resources