INDIA: India to allow extra 2.5 million bales of cotton
India Government has decided to allow the exporters to ship 2.5 million bales of unshipped cotton which was originally due on December 15th, Commerce and Industry Minister Anand Sharma told reporters on Wednesday.
Egytex News Desk
Source: www.commodityonline.com
“We have reviewed the market arrivals and availability of cotton. What had been determined as exportable surplus will not be held back. Almost 2.5 million bales have not been shipped so far, we will allow export of that,” the minister added.
The Govt earlier capped the amount of cotton export to 5.5 million bales in order to regulate the domestic price surge in India.
Earlier the exporters couldn’t ship the entire quantity of cotton as unseasonal rains delayed arrivals in the spot market. India is also the second biggest exporter of the fibre.
India is the world’s second biggest producer of cotton, earlier Govt allowed 5.5 million bales of cotton export which had to be completed before December 15.
After bad weather hit the crops in China and Pakistan, there is an increased demand for India cotton abroad.
The exporters will have to register contracts with Directorate General of Foreign Trade (DGFT) before exports," said a source at the Textile Commissioner's office
Source: www.commodityonline.com
From the Egytex news archive, first published on 22 December 2010. Figures and names are as reported at the time.
