Indian yarn exports usher in a small upsurge, especially to the Chinese market
In the week of November 24-30, affected by Pakistan’s policy of stopping imports of Indian cotton, Indian cotton prices fell sharply. Coupled with the continued depreciation of the rupee, Indian cotton yarn exports improved.
It is understood that after India abolished some large-denomination banknotes, Indian cotton farmers began to gradually accept non-cash payments for seed cotton. With the increase in spot cotton supply, cotton prices have fallen slightly, and cotton yarn prices have been lowered accordingly. Cotton yarn exports are also gradually increasing, especially to the Chinese market. According to statistics, Indian cotton yarn prices dropped by an average of 1 rupee/kg last week, a decrease of 0.5%.
According to Chinese customs statistics, China’s imports of Indian cotton yarn increased significantly in October 2016, especially at Qingdao Port, and it is expected that imports will increase in November. Affected by the abolition of the TPP agreement, Vietnam no longer enjoys tariff-free access to the US market and does not have to comply with TPP rules of origin. Therefore, Vietnam’s imports of cotton and cotton yarn from India have increased. Indian yarn exports usher in a small upsurge, especially to the Chinese market
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