The growth momentum in spun yarn exports accelerated in November which had started a month ago. Exports were reeling under demand severe crunch affected by Global crisis set-in in mid-2008. However, this was very much expected, given the low base of November 2008. During the month, exports aggregated Rs.640 crore, up 24% from last year. With INR appreciating 6% during the same period the value in terms of US$ increased 32% and volumes up 40%. About 51 million kgs of spun yarn was exported valued at US$138 million in November 2009 as against 36 million kgs and US$104 million last year. The overall unit price realization averaged US$2.71/kg as against US$2.87/kg last year, implying a drop of 6%.
Unit value realization was still a cause of concern given the weakness of US$. It was down across all the yarn counts this November, excepting a few. The decline in most counts averaged US cents 57 a kg with maximum loss of US$6.13 a kg for 10/4 cotton. The highest gains of over US$1 a kg were seen in 40/2 poly/wool, 60/3 cotton, 36/2 PV, 40/2 polyester, 20/1 cotton/viscose and 41/2 poly/wool. Given the fact that the rupee-dollar exchange rate is more favourable now than at the same time last year, exports can be expected to continue rising in the coming months.
EIU’s Mr Vohra said he expects a 10% appreciation in the rupee in nominal terms in 2010 as the dollar falls against other currencies.
United States of America (also referred to as the United States, the U.S., the USA, or America) is a federal constitutional republic comprising fifty states and a federal district. The country is situated mostly in central North America, where its forty-eight contiguous states and Washington, D.C., the capital district, lie between the Pacific and Atlantic Oceans, bordered by Canada to the north and Mexico to the south. The state of Alaska is in the northwest of the continent, with Canada to the east and Russia to the west across the Bering Strait. The state of Hawaii is an archipelago in the mid-Pacific. The country also possesses several territories in the Caribbean and Pacific.
United States has a capitalist mixed economy, fueled by abundant natural resources, a well-developed infrastructure, and high productivity. According to the International Monetary Fund, the GDP of US$14.4 trillion constitutes 23% of the World’s gross domestic product in terms of market exchange rates and almost 21% at purchasing power parity. The country ranks 17th in the world in nominal GDP per capita and 6th in GDP per capita at PPP. It is ranked 2nd in competitiveness by the Global Competitiveness Report published by World Economic Forum.
Crude oil prices increased 4–7% in November 2009. On a weekly basis, prices had declined in the first two weeks of the month due to news report indicating poor demand in USA. The US Futures averaged US$78.05 a barrel, gaining 4% from its October numbers. Europe Brent too increased 7% to US$76.75 per barrel. In Asian market, prices averaged US$76.45 per barrel. Naphtha prices averaged US$626.34 per ton CFR, up 9% compared to October numbers. China's crude oil imports are expected to stay at a high level of around 18 million tons a month, or around 4.3 million barrels per day in the coming two to three months.
Polyester Chain Ethylene and paraxylene prices increased sharply in November - by 18% and 15.6% respectively. While Asian ethylene increased on back of tight supply and robust demand, paraxylene prices rise was attributed to firm crude oil prices and increasing downstream demand. Ethylene prices averaged US$993 per ton and Paraxylene averaged US$1,029 per ton FOB Korea. PTA and MEG prices too increased on high feedstock cost. The respective numbers were US$918 per ton and US$810 per ton FOB Korea. Polyester chips prices gained 6% to US$1,125 per ton FOB Taiwan/Korea. Polyester staple fiber prices were stable this month at US$1.25 per kg FOB Taiwan. As compared to a year ago they are up 20%. PFY prices inched up a bit in Malaysia and Indonesian market averaging US$1.35 per kg FOB.
