The year 2008 began on a positive note with growth in volumes as well as improvement in the overall realization. In January, a total of 2,676 Full Container Load (FCL) totaling to USD 162 Million (FOB value) were exported by Indian spun yarn manufacturers to 81 different countries. In the month of Dec 07, total spun yarn export was 2,400 FCL which totaled to USD 140 Million.

Turkey maintained its top position this month with 359 FCL, an increase of 86 FCL with respect to last month. Bangladesh added 40 FCLs over last month and imported total 290 FCLs in Jan 08. Egypt moved to the 4th position from 5th position with 170 FCLs. Peru shifted to 5th position as the qty was almost same as last month.

Crude oil prices in the month of Jan declined from December levels after soaring to a high of US$100 a barrel in the very starting of the year. OPEC basket on the 31st of Jan was at US$89 a barrel and European brent was at US$89 a barrel.

The OPEC ministers in their recently concluded meeting were of the opinion that the supply of oil is adequate and an increase in production won't be helpful. Also, a report by IAEA pointed that the world oil demand will fall in this quarter as Northern Hemisphere cuts heating fuel use.