(MENAFN- KNN India)
Cotton yarn exporters from Gujarat witnessing high demand from Turkey & Europe Ahmedabad, Mar 22 (KNN) Cotton yarn exporters from Gujarat are seeing an unexpected rise in demand from Turkey and Europe since February, according to a report in the TOI.
Due to Turkey's textile spinning sector being under undue stress after the devastating earthquake, the country's textile sector has turned towards India for cotton yarn imports. Similarly, Europe, which is not able to import cotton yarn from Turkey, is also importing from India.
Rahul Shah, the co-chairman of Gujarat Chamber of Commerce and Industry (GCCI) textile taskforce, said, "The past year has been very difficult for the Indian textile industry because our cotton prices have remained higher than the international prices. However, now our cotton prices are on a par with the international prices, and we have also seen a good crop."
"We received good orders for yarn from China in December and January. Now, there is significant demand from Turkey and Europe. The earthquake destroyed many spinning factories in Turkey, so they are now buying cotton yarn from India. The European countries have also placed orders with us,” he said.
As per reports, the demand from Turkey and Europe has raised 15 per cent accounting for 30 per cent of the total exports.
India's cotton yarn exports reduced by 59 per cent from April 2022 to January 2023 as it exported only 485 million kg against 1,186 million kg in the corresponding period the previous year.
Jayesh Patel, the vice president of Spinners' Association of Gujarat (SAG), said, "Spinning mills across the state are functioning at 100 per cent capacity due to the steady demand. The inventory is empty in the value chain and in the next few days, we will see good demand."
"Cotton yarn prices have come down to Rs 265 per kg from Rs 275 per kg. Similarly, cotton prices have come down to Rs 60,500 per candy (356 kg). Steady price of cotton will generate better demand,” he added.
The Industry experts are optimistic regarding the cotton yarn exports in the month of February and March.
(KNN Bureau)
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