In recent weeks, Indian yarn prices have continued to fall. Affected by the pandemic, according to the forecast of the U.S. Department of Agriculture, this year, India’s cotton consumption is expected to decrease by 15.0%. As India’s cotton production increased by 18% this year, and cotton farmers and CCI will start selling inventories, Indian cotton prices are expected to fall sharply.
Although Indian business activity has slowly recovered, the demand for clothing in Western countries is still very weak. However, many garment factories in India began to produce masks, hoping to export to the United States and Europe as soon as possible. At present, the Indian government is concerned about the insufficient supply of masks in the country and temporarily banned the export of masks. Once the decree is cancelled, India will immediately begin to export in large quantities.