India's Polyester Yarn Imports Surge in FY23, Marking a Decade-Long Shift
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- Published: Wednesday, 24 January 2024 04:36
India's textile industry faced a significant shift in trade dynamics during the financial year 2023 (FY23) as polyester yarn imports soared by 65%, while exports plummeted by 38%, according to CareEdge Ratings. This marked a pivotal moment as India became a net importer of polyester yarn for the first time in a decade, a trend that continued into the first eight months (8M) of FY24. The surge in imports, primarily from China, inundated the domestic market, impacting the pricing power of Indian manufacturers and causing a decline in export volumes.