TEXPROCIL worried about dipping cotton yarn exports
The first quarter of the current fiscal saw a 33% YoY decline in India’s cotton yarn exports to 226 million kg, according to the Directorate General of Commercial Intelligence and Statistics data. In fact, June’19 recorded the lowest monthly export in the last five years of 59 million kg. A decline in exports to leading export markets like China, Bangladesh and South Korea has been cited as the reason for the same. The duty-free access given for import of cotton yarn by China to countries like Pakistan and Vietnam since April 1, 2019 has also hurt Indian exporters. The Cotton Textiles Export Promotion Council has suggested that the government extend Rebate of State and Central Taxes and Levies (RoSCTL) scheme to cotton yarn sector.