Foreign news on July 17, according to data from Fibre2Fashion’s market insight tool TexPro, India’s yarn imports totaled US$654.816 million in the first four months of 2023. Among the top five yarn suppliers, China ranks first, accounting for 68.86% of total imports. Other major supplier countries include Indonesia (5.11%), Nepal (4.1%), Vietnam (4%), and Bangladesh (3.60%).
From January to April 2023, India imported 251.533 million kilograms of yarn from China, with a total import volume of US$448.634 million, an increase of 17.43% over the same period last year. The high volume of yarn imports can be attributed to rising raw material prices in India, making imports more cost-effective.
India’s yarn import volume in 2022 will be 503.122 million kilograms, with a total value of US$1.359584 billion. This is higher than 487.956 million kilograms (USD 1,094.979 million) in 2021, 246.586 million kilograms (USD 513.958 million) in 2020, and 178.995 million kilograms (USD 524.742 million) in 2019.
Although the increase in imports has brought challenges to India’s domestic spinning industry due to reduced demand, the textile industry has benefited from imported yarns with price advantages. In addition, the slowdown in demand for apparel in the global and domestic markets has also affected the industry.
