The start of FY 2020-21 hasn’t been any positive for India in terms of apparel and textile exports!
Apparel Resources reported a few days back that the apparel exports declined by over 62 per cent in Q1 (April-June) of FY 2020-21 and now the statistics suggest that cotton exports have also plunged by 39 per cent in the period.
India shipped cotton worth US $ 800 million in Q1 of FY 2020-21 as against US $ 1,312.59 million in the same period of last fiscal.
Exports to Bangladesh and China – two largest cotton export destinations for India – fell by 22.13 per cent and 22.21 per cent, respectively, to US $ 219.62 million and US $ 156.79 million.
The export of cotton to USA also tumbled by 32 per cent to US $ 16.37 million in April-June period of FY 2020-21 as against US $ 24.07 million in the corresponding period of the previous fiscal.
However, the Indian export of cotton has increased in countries like Vietnam and Turkey amidst dismal performance in almost all countries.
Vietnam saw 27.81 per cent increase in its cotton import from India which valued at US $ 47.53 million in Q1 in FY 2020-21 as compared to US $ 37.18 million in Q1 of FY 2019-20.
As far as Turkey is concerned, cotton exports from India grew by 36 per cent on Y-o-Y basis to US $ 25.24 million in Q1 of ongoing fiscal as against US $ 18.56 million in Q1 of previous fiscal year.