India is the second largest cotton producer in the world, and Indian textile minister Rita Menon said that India will allow the export of domestic cotton from November 1.
Cotton suppliers can start registering export contracts from October 1. The maximum export volume is 5.5 million bales, and each bale weighs 170 kg. Menon told the media after the conclusion of the New Delhi Ministerial Conference today.
India postpones cotton exports and the cotton gap may increase. Therefore, the cotton price this year is very good. Macquarie Group Co., Ltd. forecast last week that global production will increase to 1.1697 billion bales, which is lower than the demand of 1.1916 billion bales. The bale weight here refers to the US bales, which are 480 pounds or 218 kg each.
Indian textile mills are required to ban the registration of export contracts by December 31. They also demand that exporters levy 10,000 rupees ($221) of export taxes for every ton of cotton they export.
Menon said that the government will consider the issue of export taxes at a meeting to be held in mid-October.
The China Cotton Association said that the gap between China and the end of August was 3.6 million tons, and the United States said that its cotton situation has declined.
The Indian Textile Industry Union stated that due to the prolonged rainy season, Indian cotton production this year may be lower than expected. The state-run Cotton Information Committee estimated last month that production may fall below 32.55 million bales in the new year starting from October 1. The vice president of the association, PremMalik, said on September 16 that the coalition’s output is expected to be 29.5 million bales this year.
India will review the export quota of 5.5 million bales at its meeting in mid-October. Indian Minister of Agriculture Sharad Pawar said that India can export 7.5-8 million bales this year (started on October 1st).
Cotton suppliers can start registering export contracts from October 1. The maximum export volume is 5.5 million bales, and each bale weighs 170 kg. Menon told the media after the conclusion of the New Delhi Ministerial Conference today.
India postpones cotton exports and the cotton gap may increase. Therefore, the cotton price this year is very good. Macquarie Group Co., Ltd. forecast last week that global production will increase to 1.1697 billion bales, which is lower than the demand of 1.1916 billion bales. The bale weight here refers to the US bales, which are 480 pounds or 218 kg each.
Indian textile mills are required to ban the registration of export contracts by December 31. They also demand that exporters levy 10,000 rupees ($221) of export taxes for every ton of cotton they export.
Menon said that the government will consider the issue of export taxes at a meeting to be held in mid-October.
The China Cotton Association said that the gap between China and the end of August was 3.6 million tons, and the United States said that its cotton situation has declined.
The Indian Textile Industry Union stated that due to the prolonged rainy season, Indian cotton production this year may be lower than expected. The state-run Cotton Information Committee estimated last month that production may fall below 32.55 million bales in the new year starting from October 1. The vice president of the association, PremMalik, said on September 16 that the coalition’s output is expected to be 29.5 million bales this year.
India will review the export quota of 5.5 million bales at its meeting in mid-October. Indian Minister of Agriculture Sharad Pawar said that India can export 7.5-8 million bales this year (started on October 1st).
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