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Cotton yarn exports in India declined by 11.58 per cent in terms of value and 4.44 per cent in terms of volume during April – June this year compared to the same period last year. Cotton yarn exports to China, being the major consumer has declined.
Cotton yarn exports in India declined by 11.58 per cent in terms of value and 4.44 per cent in terms of volume during April – June this year compared to the same period last year. Cotton yarn exports to China, being the major consumer has declined. China imported 149.66 million kg of cotton yarn during the first three months of last financial year (2015-2016) and it dropped to 99.09 million kg during the same period this year. The decline in exports started in April 2014.
The currency imbroglio that is currently experienced in India following a cash shortage is hurting the cotton trade. With farmers seeking to sell their produce only in cash, the scarcity of notes has led to daily cotton arrivals declining by almost 50 per cent.
The currency imbroglio that is currently experienced in India following a cash shortage is hurting the cotton trade. With farmers seeking to sell their produce only in cash, the scarcity of notes has led to daily cotton arrivals declining by almost 50 per cent.
The Mumbai-based Cotton Association of India (CAI) is against Cotton Corporation of India stockpiling 7 to 8 million bales (170 kg each) by procuring during peak arrival season to sell to user mills during May to September time-frame. According to CAI, this scenario will need huge investment by the public sector Cotton Corporation of India and also it will incur losses due to price fluctuations. CAI in citing the China reserve policy, India should learn from China and should not venture into the reserve situation for cotton surplus country like India.
India expects to produce 35.1 million bales (170 kg) this season beginning in October. India’s official body, Cotton Advisory Board met in Mumbai and decided on this year’s first estimate of cotton production.