Friday 12 July 2024

India allows cotton exports

Mumbai, July 31, 2011

India, the world's second biggest grower and exporter of cotton, has allowed unrestricted exports of the fibre for the remainder of the current season, due to abundant availability of stocks, the Press Trust of India reported, quoting government official. 

"Now, exporters only have to register with the Directorate General of Foreign Trade (DGFT)," the report said, quoting  commerce secretary Rahul Khullar. 

The cotton year runs from October to September. 

The state-run Cotton Advisory Board had revised the estimates of output upwards by 4.2 percent to 32.5 million bales.    

The board also had sharply revised end-September cotton stocks estimate to 5.25 million bales for 2010/11, from an earlier 2.75 million bales.

India had allowed cotton shipments of 6.5 million bales in the current season, but traders were demanding more quantities be shipped to cash in on high global prices. The textile industry opposed the move, fearing increases in input costs. - Reuters 

Tags: export | India | cotton | bales |

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