The doubling of spun yarn exports continued into March 2010 keeping on the acceleration which started six months ago. During March although the volume growth slowed down com-pared to last month the unit value realization saw a sharp spurt despite the INR appreciating against the US$ by almost 8%. This implies that yarn exports have become resilient currency fluctuating upwards. During the month, exports aggregated Rs.924 crore, up 83% from last year. With INR appreciating 8% during the same period the value in terms of US$ increased 99%. Volumes were up 47% with about 63 million kgs of spun yarn exported valued at US$203 million. Last year 43 million kgs worth US$102 million was exported. The overall unit price realization averaged US$3.20/kg this March, as against US$2.36/kg last year, increasing 36%. It was also US cents 10 per kg higher than previous month. Thus, exports during fiscal 2009-10, aggregated US$589 million kgs valued at US$1.67 billion or Rs.7,868 crore.
HONGKONG’S PROFILE AND TEXTILE AND APPAREL INDUSTRY
YnFx Yarn ExportWatch – Dec 09
Hong Kong is one of the two special administrative regions of the People's Republic of China and the other is Macau. Situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour. With land mass of 1,104 sq km and a population of seven million people, Hong Kong is one of the most densely populated areas in the world. Hong Kong's population is 95% ethnic Chinese and 5% from other groups.
Hong Kong runs on economic and political systems different from those of mainland China un-der the principle of "one country, two systems". Hong Kong is one of the world's leading inter-national financial centres, with a major capitalist service economy characterised by low taxation, free trade and minimum government intervention under the ethos of positive non-interventionism. The Hong Kong dollar is the 9th most traded currency in the world.
Crude oil prices increased 6.7% in March as compared to last month. The USA futures averaged US$81.51 per barrel, up 6.62% while European Brent averaged at US$79.39 per barrel. In Asian market, crude oil prices averaged at US$78.58 per barrel, whereas, naphtha increased by 7% to US$733 per ton.
Polyester Chain Feedstock ethylene and paraxylene prices declined in Asia whereas, ethylene gained in USA. Ethylene prices averaged at US$1130 per metric ton FOB Korea, down 10%. Ethylene prices were subdued in Asian markets as supplies from Middle East increased in Asian region. Paraxylene prices too declined on surplus supply and concerns that there were many downstream PTA units to be shut for maintenance in March-April which would reduce demand for paraxylene. European numbers mirrored the Asian trendline. Paraxylene prices declined marginally averaging US$998 per ton FOB Korea. PTA prices inched up in Asian market averaging US$971 per ton FOB Korea / Taiwan, whereas MEG prices declined 6% to US$937 per ton FOB. With sluggish trends in input costs polyester chips were cheaper in in China local markets.
