MUMBAI (Commoditiescontrol) - India’s exports of cotton yarn and related products recorded a marginal growth of 0.78 percent, worth Rs 5278.3 crores in May, 2015 compared to Rs 5237.5 crores same month last year in rupee terms, according to a Commerce Ministry data.
However, in dollar terms, textile exports weakened in the month by 6.3 percent to $827.3 compared to $883.1 last year same period. Deprecating Indian currency by around 8 percent since May 2014 against the U.S. Dollar helped exports revenue rise.
Currently, the major destinations for Indian cotton yarn are Latin America, Europe, Pakistan, Bangladesh, Israel, Vietnam etc. India’s cotton yarn sector is reeling under pressure mainly due to slowing down demand from China. China was one of the major markets for cotton and yarn exports from India till last year. However, China cutting its import quota to help its domestic cotton farmers and reduce its reserves, has hit the Indian market hard.
The country exported man-made yarn and related products worth Rs 2650.8 crores in the month compared to 2603.6 crores last year same month, a growth of 1.81 percent.
Exports of Ready made garment (RMG) of all textiles helped India earn Rs 10007.3 crores compared to 8850.8 crores last year, showing a rise of 13.07 percent.
To look at the country’s import figures, raw and waste cotton worth Rs 189.9 crores were imported in May against 150.6 crores in the corresponding period last year, a rise of 26 percent.
Similarly, India imported textile yarn fabric worth Rs 933.5 crores, posting a growth of 6.61 percent from Rs 875.6 crores in the same period last year.
(By Commoditiescontrol Bureau; +91-22-40015522)
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