India: Over 90% of cotton exports head to competitors in textiles
Indian cotton shipments are set to resume today, over 90 per cent of the commodity, for which the Textile Commissioner has given permission for exports, will head to China, Bangladesh, Pakistan and Indonesia. The Textile Commissioner has cleared shipments of 52.46 lakh bales by giving export authorisation…
Egytex News Desk
Source: www.thehindubusinessline.com
The Textile Commissioner has cleared shipments of 52.46 lakh bales by giving export authorisation registration certificates (EARCs), and 48 lakh bales are to these four countries.
The Centre has decided to allow exports of 55 lakh bales cotton from November 1. Registration for shipments began on October 1 and stopped on October 10 after applications for the entire quantity were received.
According to data from the Textile Commissioner's office, 70 per cent of the EARCs have been garnered by 13 exporting firms. The accompanying table shows the top five exporting companies. The problem with CAD transactions is that they are without any guarantee or security.
Source: www.thehindubusinessline.com
From the Egytex news archive, first published on 1 November 2010. Figures and names are as reported at the time.
