India Allows Export Of Domestic Cotton From November 1St.
India
The second largest cotton producer in the world, Rita Menon, India's textile minister, said India will allow exports of its own cotton from November 1st.
Cotton supplier
The export contract can be registered from October 1st. The maximum export volume is 5 million 500 thousand packets, each weighing 170 kilograms.
Meon said to the media after today's New Delhi Ministerial Conference.
India delays cotton exports.
Cotton gap
It may expand, so cotton prices are very good this year.
Macquarie Group Limited forecast last week that global production will increase to 116 million 970 thousand packs, less than 119 million 160 thousand packages, and the package weight here is the US package, 480 pounds or 218 kilograms per pack.
The India textile factory requires that the export contract be prohibited before December 31st. They also require export of a ton of cotton to export exporters to export tax of 10000 rupees (US $221).
Meimong said the government would consider the issue of export tax at the meeting held in mid October.
China Cotton Association said that China's cotton gap was 3 million 600 thousand tons by the end of August, and the United States said its cotton situation was declining.
India textile industry alliance said that because of the prolonged rainy season, cotton production in India may be lower than expected this year.
Last month, the state-run Cotton Information Committee estimated that output could be less than 32 million 550 thousand bales in the New Year beginning in October 1st. The Prem Malik, the vice president of the alliance, said in September 16th that the alliance estimated that the output would be 29 million 500 thousand bales this year.
India will revisit the 5 million 500 thousand package export quota at a meeting held in mid October.
India agriculture minister Sharad Pawar said India could export 750-800 million bales of cotton this year (beginning in October 1st).
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