INDIA: India Government to extent cotton export time limit.
India government will provide extra time to cotton exporters after they failed to ship the allotted limit in given time, Government sources said.
Egytex News Desk
Source: www.commodityonline.com
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.
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.
After bad weather hit the crops in China and Pakistan, there is an increased demand for India cotton abroad.
India is likely to produce more than 32.5 million bales of cotton in 2010-11, higher than last year's 29.5 million bales, industry and government officials have said. Exports so far have been around half the allowed amount after unseasonal rains hit supply and quality.
The Govt will confirm about the extra time and quantity details only after studying and collecting ample data about it.
The cotton arrivals in Indian markets have now increased up to 2.3 percent after a drier weather in December.
"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. ET quoted.
At first exporters only had to register with the Textile Commissioner and the new requirement could lead to delays in the export process.
Source: www.commodityonline.com
From the Egytex news archive, first published on 20 December 2010. Figures and names are as reported at the time.
