India's yarn exports fell by 15% in 2023

 

India is a prominent yarn exporter in the global market. India is the second largest yarn exporter in the world after China. According to the India import export data reports, India was responsible for over $7.3 billion worth of yarn exports against the $15 billion exports from China. Bangladesh is the leading importer of Indian yarn followed by Vietnam and Peru. 

India’s yarn exports include various commodities like cotton, silk, RMG, apparel accessories. In terms of cotton exports, India has always been an important market. It was a top exporter destination for many years. But during the fiscal year 2022, India has become the 5th biggest cotton exporting country in the world. 

As per India export data, India was responsible for over 250 MT of cotton exports in 2022. There was a massive decline in the country's cotton exports. As, the exports are falling to 30% on a yearly basis. During the first six months of 2023, the country's exports were estimated to be $1.3 billion while last year it was around $1.9 billion for the same period.

The decline in India’s cotton exports was mainly due to low demand. The drop is also noticed in Bangladesh's cotton yarn imports from India. Bangladesh is currently the leading importer of cotton yarn from India. But during the first six months of 2023, India's cotton yarn shipments to Bangladesh dropped to 60% and stood at around $365 million during 2023. 

There was a significant decline in India's major yarn export destinations like Peru, Portugal, Egypt and Vietnam. There was around 27% fall in cotton exports to Egypt and Peru during the FY 2023. India’s cotton production has also been affected by infestations and drought. Whereas, India's cotton yarn exports to Argentina (116%), Burma (52%), Philippines (44%), Germany (17%), and Italy (15%) had seen rapid growth.

In terms of silk exports, India did well. Indian silk and its products are quite in high demand across the globe. India exports its silk to more than 30 countries. The major importers of Indian silk yarn are the United States, UAE, Germany, France, Australia, UK, Spain, Malaysia and Nepal.

India saw record growth in its silk exports as it earned 344 million INR during the fiscal year 2022 in comparison to 278 million INR during 2021. The USA was the leading importer of Indian silk having a share of over 28%. Whereas, UAE contributed around 10% in India's total silk exports.

Whereas, India's textiles and apparel exports also declined in 2022. According to the India customs data reports, around $38 billion worth of textiles exports were made by India during 2022 with a decline of 4.2% as compared to the last year. Last year, it was around $21 billion. India made most of its shipments to the United States, United Arab Emirates, Netherlands, China and Singapore.

In terms of yarn exports, India is facing stiff competition from China, Vietnam, United States and Turkey. In this competitive global yarn market, companies can rely on market intelligence reports. Exim Trade Data is one such global import data provider company offering valuable insights into the global textile market.

Through their intelligence platform, you can track India’s yarn products demand in the global market by HS code, price, quantity, importing countries, ports volume, buyers, suppliers and competitors. This will help you to prepare an impressive marketing strategy and boost your textile exports to the global market.