Textile Mills In Southern India Have Resumed Full Operation
With the rise of domestic cotton prices and other effects, Indian farmers began to restore interest in cotton. The latest forecast of Cotton Association of India shows that the cotton production in India will be reduced by 400000 bales to 35.6 million bales this year, including 100000 bales in Gujarat and 300000 bales in southern China. The consumption volume was increased by 1 million bales to 32.5 million bales. The export volume and import volume were 7.2 million bales and 825 million bales respectively, and the final inventory was 9.4 million bales.
At present, the textile mills in southern India have resumed full load operation and started to purchase imported cotton, mainly American cotton and West African cotton. With the increase of imports and the expected increase of next year's output, India's domestic cotton prices began to stabilize. It is reported that the Textile Mills Association of South India has asked the government to cancel the 10% import tariff on cotton.
In fiscal year 2021, the export volume of India's textiles and clothing was 27.2 billion US dollars, a decrease of 14% over the same period of the same period of last year, and the import volume was 5.21 billion US dollars, the next 33% year-on-year. The United States, the European Union and the United Arab Emirates are the largest export markets, with us $7 billion to the US and US $4.2 billion to the EU.
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