Indian spinners weave success at Yarn Expo 2024
The just concluded Yarn Expo 2024, held in Shanghai from March 6th to 8th, witnessed a strong showing from Indian yarn manufacturers. This year's event, which served as a key platform for showcasing the latest innovations and trends in the yarn industry, saw participation from leading Indian companies like Kamal Cotspin, Vardhman Textiles, Aditya Birla Group, Nahar Group, Weslpun and more.
With a focus on innovation and sustainability, Indian companies made a significant mark on the international stage. "Yarn Expo 2024 provided an excellent opportunity to connect with international buyers and explore new markets, particularly in the South China region," said Ankit Lath, Director, Kamal Cotspin.
Potential for growth in India-China trade
The expo offered a valuable opportunity for Indian yarn producers to connect with potential Chinese buyers. While China remains a major producer of cotton and cotton yarn, rising production costs and a growing demand for high-quality, sustainable products could open doors for Indian exporters. As Amit Agarwal, CEO of Vardhman Textiles says, “This year's Yarn Expo provided a valuable platform to connect with global buyers and showcase our commitment to sustainable yarn production.”
China Cotton Consumption (in million tonnes)
China, the world's largest cotton consumer, has seen a decline in recent years due to rising domestic prices and increasing competition from other Asian countries. As per World Trade Organization, China's cotton yarn imports have fluctuated in recent years, but remain significant. In 2021, China imported $12.3 billion worth of cotton yarn.
India, on the other hand, has emerged as a strong contender in cotton yarn exports. With a focus on value-added products and competitive pricing, India is attracting buyers who were previously reliant on China. As per Cotton Council of India, cotton yarn exports have grown steadily in recent years, reaching $15.2 billion in 2022.
India's Cotton Yarn Exports (in $ billion)
India's strong presence at Yarn Expo 2024 underscores its potential to challenge China's dominance in the cotton yarn market. With a focus on innovation, sustainability, and competitive pricing, the Indian yarn industry is well-positioned to gain further traction in the global market.