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With over 19 years of experience in the yarn and textile industry.

China cancels Indian cotton yarn orders

by:Chengyi     2021-04-09
Affected by the Sino-US trade war, China's demand for Indian cotton yarn increased, and India's cotton yarn exports increased significantly from June to November 2018. However, with the suspension of further tariffs between China and the United States, in recent weeks China has begun to re-negotiate and cancel about US$400-500 million (about 10-12 contracts) Indian cotton yarn import orders.  According to Indian industry sources, recently, Chinese importing companies, agents, and banks have started to renegotiate or cancel the Indian cotton yarn contract signed in the early stage and stop issuing letters of credit without giving reasons. This has caused problems for Indian cotton yarn exports. From April to November 2018, India’s cotton yarn exports to China amounted to US$892.4 million, an increase of 2.5% from US$870.2 million in the same period in 2017/18. According to Indian analysis, China’s cancellation of orders is due to the easing of Sino-US trade relations. China may be worried that the United States will impose additional tariffs on all Chinese goods from March, so it may reduce the additional levy on U.S. cotton after March 1. %tariff. Recently, China's imports of cotton yarn from India are decreasing. Article keywords:  Indian cotton yarn exports, China imports overseas textiles
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