23 March 2022, Mumbai:
Cotton yarn exports from India continue to rise, reaching an all-time high in January of this year. In the first month of 2022, the country sent US $ 493.30 million in cotton yarns (up 96.92 percent on a year-over-year basis), the highest ever export income in the category in January.
The previous highest export revenue in cotton yarns was US $ 435.73 million in January 2014. It's worth mentioning that, despite domestic protests, India's cotton yarn export profits in 2021 were US $ 4.69 billion, or a 79.64 percent annual increase.
With sales of US $ 220.45 million and US $ 32 million, respectively, exports to Bangladesh and Turkey have remained unstoppable.
On the one hand, cotton yarn exports to Bangladesh increased by 338.36% in January '22 over January '21; on the other hand, Turkey opened up new growth opportunities for India with a tremendous 1,503% annual rise, despite the fact that shipping to this nation was just US $ 2 million a year before.
What's fascinating is China's decline, since Indian cotton yarn shippers appear to be fleeing the nation in search of new markets where Indian cotton yarn may get a foothold.
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In January of this year, shipments to China fell by 59.24 percent to US $ 23.65 million, compared to US $ 58 million in January of the previous year. Even Portugal kept ahead of China, with imports of Indian cotton yarns reaching US $ 25.78 million in January '22, an increase of 324.86 percent on an annual basis.
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CREDITS: Apparel Resources.
