India's cotton yarn exports expected to grow by 85-90% in FY2024In ICRA’s recently published research note on the domestic cotton spinning industry, the rating agency expects demand for the industry to improve by close to 12-14% in volume terms in FY2024 on a yearly basis, with yarn exports likely to increase by a sharp 85% to 90%, on the back of a shift in sourcing preference away from China, and the expectations of demand improving for the spring/summer season in the US and the EU regions that will drive domestic demand from apparel and home textile manufacturers. However, a sharp moderation in cotton prices, leading to lower yarn realisations is likely to translate to a 9-10% year-on-year (YoY) decline in revenues to Rs. 33,465 crore in FY2024.