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'US ban on Xinjiang cotton cranks-up India's yarn exports'
TIWN
'US ban on Xinjiang cotton cranks-up India's yarn exports'
PHOTO : TIWN

New Delhi, March 28 (TIWN) The US move to ban use of China's Xinjiang cotton has cranked up India's yarn exports, ratings agency Crisil said.

Besides, the agency expects operating profits of cotton spinners will double next fiscal as revenue spurts 20-25 per cent on higher sales to Asian buyers and appreciation in cotton yarn prices.  Consequently, the credit outlook for cotton spinners, which was negative in the first half of this fiscal, will turn positive next fiscal, as accruals improve and inventory reduces, Crisil said in a study. 

According to the agency, with global demand for knitted garments and home textiles recovering faster than expected due to extended stay-at-home period, and sharper focus on health and hygiene, exports of yarn to China, Bangladesh and Vietnam rose 22 per cent, 39 per cent and 51 per cent, respectively, on-year in April-December 2020.  What has also helped is the US move to ban use of Xinjiang cotton, which has cranked up Indian yarn exports, the study said.

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