Cotton yarn export nose dive continues with no reversal seen
In October, basic textile comprising fibres, spun and filament yarns shipment declined 27% year on year both in terms of value and was worth US$468 million or INR3,302 crore. These accounted for about 1.8% of total merchandise export during the month. A year ago, the same goods had accounted over 2.4% of total merchandised export. Meanwhile, the INR against the US$ strengthen from INR72.65 to INR70.52 this October.
Spun yarns (cotton, MMF and blended) shipment totaled 104 million kg (down 15%) worth US$287 million (down 24%) or INR2,021 crore (down 26%). Bangladesh was the largest market for spun yarns, topping both in terms of volume and value, despite falling on year on year basis.
Cotton yarn export was 83 million kg worth US$232 million (INR1,637 crore), down 26% from a year ago level. 75 countries imported cotton yarn from India at an average price of US$2.80 a kg, down US cents 12 from previous month and US cents 34 from a year ago.
Bangladesh was the top cotton yarn market, but imported 5% lesser volume and paying 16% less in value terms this October. During the month, export to Bangladesh was 18 million kg worth US$54 million. China followed Bangladesh with volume and value declining 39-50% year on year. Portugal and Peru were the other major importers of cotton yarn, with former recording 6% increase in value and latter jumping 48%. 10 countries, including Pakistan, did not import any cotton yarn from India this October as they had imported yarn worth US$11 million worth in October 2018. Pakistan was one of the largest market than. However, they replaced by 15 other countries which imported yarn worth US$4.90 million. Oman was the major new market again this month.
Israel, Nepal, Montenegro, United Kingdom, Canada and Togo were among top fastest major importers of cotton yarn in October, Chile, Bulgaria, Russia, France, and Algeria significantly reduced their imports compared to last year.
