Page 15 - TEXtalks. October- November 2023

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Chinese PSF exports surged

21.2% in the first nine months

Between January and September 2023, Chinese polyester staple fiber (PSF) exports surged 21.2 percent
year on year to touch 904.4 kilotons, thereby touching a new high since 2020. In September alone, PSF
from China reached 99.7 kilo tons, up 14.5 percent from a year ago month, but down 1.8 percent over
August 2023. In the first nine months of 2023, Vietnam remained the largest export market, with a volume
of 157,715 kilotons, up a staggering 40.74% over the same period of 2022, accounting
for a share of 16.8 percent.

Pakistan stood in second place, up 23.8 percent year on year, while the US and India saw a year-over-year
decline of 5.57 and 3.71 percent, respectively. The share of PSF exports to Pakistan stood at 10.3 percent
and that of Turkey at 6.5 percent, while that to the US was reduced to 4.4 percent.

Exports to India were affected this year mainly due to the new notification introduced by the Indian
government requiring a BIS or quality certification for PSF imports. Since PSF exports have maintained a
good pace in the review period, they are expected to keep a good run in the
last quarter and also into 2024.

The new trend: Fashion brands

shifting to sustainable clothing

With the aim of extending the lifespan of clothing These funds are in addition to the finance from
and promoting a circular economy fashion brand notable angel investors including Bhavish
Virgio is shifting towards sustainability, and Aggarwal, Sri Harsha Majety, Kunal Shah, Vidit
producing garments from naturally occurring Atrey, and Mekin Maheshwari.
materials like cotton, veering away from synthetic
fabrics such as polyester. The substantial funding of US $ 37 million raised
by Virgio in 2022 remains securely within the
Virgio, a fast fashion platform launched with company, ensuring a robust financial position with
fanfare ceased operation after 2022. The downfall a cash runway extending up to three years.
came despite the brand raising its last funds,
amounting to US $ 37 million, in December 2022. Virgio had originally served as a platform
As the company pitched its new program it gained connecting designers and manufacturers to
financial backing from prominent entities like establish a fast fashion ecosystem. The company
Prosus Ventures, Alpha Wave Partner, and Accel offered a diverse range of clothing options, including
Partners during its Series A funding round, valuing casual wear, partywear, loungewear, sportswear, and
the company at approximately US $ 160 million. ethnic attire for both men and women.

October/November 2023