Exports of cotton yarn and fabric down 45% in March

Exports of India's cotton yarn and fabric declined by more than 45 per cent in March to $237 million over the same month last year due to the global slump in demand, according to the Commerce Ministry.     

The country's overseas shipments of cotton yarn and fabric in March 2008 was $435 million.     

During the fiscal 2008-09, cotton yarn and fabric exports slipped by 11.8 per cent to $4.10 billion from $4.65 billion in the previous financial year.     

Similarly, according to the data, exports of manmade yarn and fabric in March also declined by 24.7 per cent to $201 million from $267 million in the year-ago period.     

However, during the fiscal 2008-09, manmade yarn and fabrics exports registered a growth rate of 3.6 per cent to $3 billion from $2.90 billion in the previous financial year.     

Industry experts said that the major markets of India's yarn and fabric — the US and Europe — are reeling under the impact of global recession.     

Meanwhile, the country has imposed anti-dumping duty on import of yarn and fabric to guard domestic industries from the surge in cheap Chinese imports.