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India's Cotton Yarn Exports Decline in May 2024

24 Jun 2024 4:27 pm
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MUMBAI, 24 Jun (Commoditiescontrol): India's cotton yarn industry continues to confront with falling exports due to prolonged Ukraine-Russia conflict and the Israel-Hamas war. Apparently, cotton yarn exports fell in May 2024, reaching 72.88 million kilograms, a decrease of 14.24% from April 2024, when exports stood at 84.98 million kilograms. This decline is even more pronounced compared to May 2023, showing an 18.31% drop from the 89.21 million kilograms exported during the same period last year.

In May 2024, the major buyers of Indian cotton yarn were: Bangladesh (44.84%), China (7.81%), Vietnam (5.78%), Portugal (5.45%), Egypt (4.10%), Colombia (3.82%), Peru (3.73%), South Korea (2.71%), Sri Lanka (2.40%), Turkey (2.17%) and Others (17.17%).

This decline in exports can be attributed to several factors, including fluctuating global demand, competitive market dynamics, and possible supply chain disruptions.

Comparing the monthly performance, the sharp decrease from April 2024 to May 2024 indicates a challenging period for India's cotton yarn industry. The 14.24% month-over-month reduction highlights the volatility and pressures faced by exporters. Additionally, the year-over-year comparison reveals an 18.31% drop from May 2023, reflecting broader issues in sustaining export levels.

Bangladesh emerged as the largest importer, accounting for nearly half of India's cotton yarn exports in May 2024. Other significant importers included China, Vietnam, and Portugal, though their shares were considerably smaller.

The data underscores the need for strategic measures to stabilize and potentially boost exports. Indian exporters may need to explore new markets, enhance competitive pricing, and improve supply chain efficiency to mitigate the current downturn.

India's cotton yarn export industry is experiencing notable challenges, as evidenced by the significant decline in export volumes in May 2024 compared to both the previous month and the same period last year. The industry experts have pointed out that the prolonged economic impact of global conflicts, coupled with challenges like import duty on cotton and issues related to MMF Quality Control Orders, has resulted in a significant drop in capacity utilisation, ranging from 50% to 70%, for nearly a year.

Meanwhile, the US industry body Cotton Council International on Tuesday asked the government to remove 11% import duty on short staple cotton, in a bid to bring down its prices for the benefit of the Indian textile industry.

Cotton yarn exporters future performance will depend on its ability to adapt to global market conditions and implement strategies to counter the current downward trend.

(By Commoditiescontrol Bureau; +91 98201 30172)


       
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