MUMBAI (Commoditiescontrol) - India’s exports of cotton yarn and related products fell 6 percent in U.S. dollar terms to $863.18 million in August compared to $932.02 million same month last year, according to a Commerce Ministry data.
In Rupee terms also, textile exports declined marginally 1.03 percent in the month to Rs 5616.91 crores compared to Rs 5675.54 crores last year.
In the month, India exported man-made yarn and related products worth Rs 2605.78 crores compared to Rs 2792.92 crores last year same month, a slump of 6.7 percent.
The country exported of ready made garment (RMG) of all textiles of worth Rs 8340.41 crores compared to 8421.34 crores last year, down 0.96 percent.
The fall in export values is mainly due to the wide difference between values of Indian rupee and U.S dollar. This month, Indian rupee is hovering at around 65.12/dollar compared to 61.05 in the same month last year.
Also, 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.
As for imports, textile yarn fabric and made-up articles worth Rs 820.63 crores were imported in August against Rs 990.07 crores in the corresponding period last year, a rise of 20.65 percent. One of the major reasons behind the significant rise in imports is shutting down of dying units on the directives of the pollution control board. The closing down of units resulted in tight of availability of finished goods.
(By Commoditiescontrol Bureau; +91-22-40015532)
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