Demand Shortage Emerges
India's cotton yarn exports have sharply declined from January to May 2023, highlighting a significant demand shortage. During this period, there was a staggering 32% drop in exports compared to the previous year.
Revenue Plunge
The Ministry of Commerce and Industry, India, revealed that the country's cotton yarn exports generated a revenue of $1.32 billion in this timeframe, a substantial decrease from the $1.95 billion generated in the same period the year before.
Glimmers of Recovery in May
May 2023 offered a glimmer of hope, with a 12.73% boost in cotton yarn exports, amounting to $268 million, compared to the previous year.
Shifts in Export Destinations
Bangladesh, traditionally India's primary cotton yarn export destination, experienced a striking 60.42% decline, reaching $364.44 million. Conversely, the Chinese market exhibited a remarkable recovery, surging by 174.90% to $229.65 million.
Varied Export Performance
Among other destinations, cotton yarn shipments to Egypt, Portugal, and Peru plummeted by 26.40%, 3.42%, and 25.36% respectively, on a year-on-year basis.
Uncertain Road Ahead
While May 2023 showcased signs of improvement, the sustainability of this positive trend remains uncertain. This uncertainty has left India's cotton yarn exporters in a state of apprehension, unsure of what the upcoming months might hold.
