Global exports of cotton yarn expected to strengthen
The global export of cotton yarns has reportedly declined 9.5 per cent from $14,565.80 million in the year 2017 to $13,182.02 million in 2019. Total exports dropped down 13.52 per cent in 2019 over the previous year. However, the exports is further expected to move up to $13,955.25 million in 2022 with a rate of 5.87 per cent from 2019.
The global import value of cotton yarns was $12,981.30 million in 2017, which decreased 11.71 per cent to $11,461.11 million in 2019, according to Fibre2Fashion's market analysis tool TexPro.
Total imports plunged 15.74 per cent in 2019 over the previous year and is expected to rise to $11,789.87 million in 2022 with a rate of 2.78 per cent from 2019.
India ($2,914.27 million), Vietnam ($2,808.10 million), China ($1,775.64 million), US ($1,217.10 million) and Pakistan ($1,109.93 million) were the key exporters of cotton yarns across the globe in 2019, together comprising 74.53 per cent of total export. These were followed by Indonesia ($582.24 million), Turkey ($521.92 million) and Hong Kong ($458.06 million).
From 2016 to 2019, the most notable rate of growth in terms of export value, amongst the main exporting countries, was attained by Vietnam (66.67 per cent) and China (7.82 per cent).
China ($4,947.40 million), Turkey ($568.79 million) and Italy ($525.42 million) were the key importers of cotton yarns in the globe in 2019, together comprising 52.71 per cent of total import. These were followed by Hong Kong ($432.92 million), South Korea ($426.06 million) and Vietnam ($413.27 million).
From 2016 to 2019, the most notable rate of growth in terms of import value, amongst the main importing countries, was attained by Italy (49.75 per cent) and Turkey (34.46 per cent).