Spun yarn exports were up in February in terms of volumes but the fall in FOB per unit price, which apparently arrested in January, continued, leading to a sharp fall in revenue earnings. Volumes at over 122 million kg were worth US$355 million or Rs 2,190 crore, implying per unit realisation of US$2.90 per kg for all kinds of spun yarns. This was US cents 8 down from previous month and down US cents 45 from February 2014. Compared to last year, volumes were up 5 per cent while earnings in US$ term fell 9 per cent implying a 14 per cent fall in unit price realization, as the Rupee appreciated 0.4 per cent against the US$ in the same months.
The growth in volumes implies that Indian spun yarns have become competitive to attract global buyers and hence creating demand at this level. However, appreciation of the Rupee may hurt exporters and become unattractive given the firmness in fibre prices in recent weeks.
During the first 11 months of 2014-15, spun yarn exports aggregated US$3.73 billion down, 14 per cent from the same period a year ago. In terms of INR, exports were at Rs 22,600 crore as against Rs 30,800 crore in April-February 2014. In terms of volume, April-February 2015 saw 1,175 million kg exported from India, down 7% from previous year. This implies an average unit price realisation of US$3.17 per kg in 2014-15, compared to US$3.45 per kg in 2013-14.
During February, 88 countries imported spun yarn from India with China continuing to lead and accounting for 40 per cent of Indiaâ€™s total spun yarn exported in February. However, this was 19 per cent higher than the value of export last year while shipment increased 38 per cent YoY. Bangladesh was the second largest importer of Indian spun yarns, accounting for 13 per cent of all spun yarn exported from India. It has also increased imports from India by 11 per cent in value and 25 per cent in terms of volumes. Egypt remained the third largest importer of spun yarns, ahead of Turkey and South Korea which have reduced imports from India.
Chile, Dominican Republic, Ukraine, CÃ´te D'Ivoire, Syria, Canada and were the fastest growing markets in February for Indian spun yarn exports. However, they together accounted for only 1.2 per cent of total exports. Among losers, Honduras, Oman, Estonia, Sudan and Serbia and Montenegro did not import any yarns from India while Norway, Russia, Algeria, Djibouti and Yemen have significantly reduced their imports from India this year compared to their levels last year.
Panama, France, Cuba, Paraguay and Finland were the major new destinations for Indian spun yarns, together importing US$1 million worth of spun yarns in February.
Cotton yarn worth US$305 million (Rs.1,870 crore) was exported to 73 countries with volumes totalling 104 million kgs. The average unit price realization was at US$2.91 a kg, down US cents 8 from previous month and US cents 51 down from the same month a year ago. China and Bangladesh together accounted for 60 per cent with combined volume at 66 million kg worth US$180 million.
Chile, Ukraine, CÃ´te D'Ivoire, Canada, United Kingdom, Dominican Republic and Philippines were the fastest growing destinations for Indian cotton yarn in February. Their imports from India more than doubled from previous year. However, they formed 1.6 per cent of total cotton yarn export value.
About 11 countries did not import any cotton yarn from India, of which Djibouti, Estonia, Russia, Sudan and Benin were the major ones. Meanwhile Norway, Kenya, Lebanon, Algeria and Hong Kong significantly reduced yarn import from India with Iran importing cotton yarn worth just US$5 million in February 2015 as against US$14.3 million in February 2014. Indian exporters found 12 new destinations for cotton yarn, of which, Panama, Syria, France, Cyprus and Mozambique were the major ones.
Combed cotton yarn accounted for 62 per cent of the all cotton yarn exported in February with volumes at 57 million kgs worth US$188 million. Carded yarn export was at 34 million kg. Their respective unit value realization was US$3.28 per kg and US$2.61 per kg. Open ended yarn export was at 11 million kg at an average price of US$1.79 a kg.
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