Cotton yarn exports decline: textile industry worried

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Mumbai, Ta. 26 October 2019, Saturday

The textile industry's worries this year have been compounded by the steady decline in cotton yarn exports this year. Every month from April to September, exports have declined. In the first six months of the current fiscal, cotton yarn exports have fallen by 5 percent and in value terms, the figure has been half as compared to the previous year.

According to Cotton Textile Promotion Council sources, the continuous decline in exports is a matter of concern. Exports to major cotton yarn markets in India such as China, Turkey, South Korea, Bangladesh and Vietnam have dropped significantly.

In addition to the decline in exports, it was claimed that the functioning of several spinning mills was slowing down the domestic demand. Cotton yarn does not provide export incentives. India is facing a huge disadvantage in exporting yarn against competing countries where import duty levels are different in export markets.

China, South Korea, Turkey and Europe import about 5% of import duty on cotton yarn exported from India, while the export duty from these countries from Pakistan, Indonesia is zero, thus making it difficult for India to compete. The council has also demanded that exporters should be provided with benefits including the Merchandise Export Incentive Scheme if the yarn in India is to be sustained in the export market.

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