Indian’s yarn imports from China surge amid rising raw material costs
From January-April 2023, India imported 251.533 million kg of yarn from China, making up 68.86 per cent of its total yarn imports and marking a 17.43 per cent increase in value from the previous year.
New Delhi: Between January and April 2023, India imported 251.533 million kg of yarn from China, accounting for 68.86 per cent of the country’s total yarn imports. These imports were valued at $448.634 million, marking a 17.43 per cent increase compared to the same period the previous year. The significant amount of yarn imports can be attributed to higher raw material prices in India, which make imported yarn more cost-effective.
India’s yarn imports from China were worth $384.003 million in January to April 2022. However, these imports were 11.17 per cent less in value compared to the January-April 2021 period, during which the imports were valued at $432.306 million. For the same period in 2020 and 2019, the value of India’s yarn imports was $150.655 million and $162.227 million, respectively, as per data provided by Fibre2Fashion’s market insight tool TexPro.
In 2022, India’s yarn imports amounted to 503.122 million kg, with a total value of $1,359.584 million. This was an increase from 487.956 million kg ($1,094.979 million) in 2021, 246.586 million kg ($513.958 million) in 2020, and 178.995 million kg ($524.742 million) in 2019.
While the increased imports have posed challenges for India’s domestic spinning industry due to diminished demand, the weaving industry has benefitted from the availability of cheaper imported yarn. Furthermore, a slowdown in garment demand from both global and domestic markets has impacted the industry.
According to TexPro, India’s total yarn imports were valued at $654.816 million during the first four months of 2023. Among the top five yarn suppliers to India, China was the leading provider with a 68.86 per cent share of total imports. Other significant suppliers included Indonesia (5.11 per cent), Nepal (4.1 per cent), Vietnam (4 per cent), and Bangladesh (3.60 per cent) for the period between January and April 2023.
