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India's cotton exports to China fall over 50% in FY15
23 Jul '15
1 min read
Exports of cotton from India to China fell to 26 lakh bales in financial year 2014-15, showing a sharp fall of 56.72 per cent compared to 61 lakh bales exported in the previous financial year, according to the Indian Government.
The lower imports by China has resulted in sluggishness in the domestic prices as compared to last year, Nirmala Sitharaman, commerce and industry minister, said in a written reply to Rajya Sabha, the upper house of the Indian Parliament, according to media reports.
Explaining that the cotton policy adopted by China is the major reason for falling exports, Sitharaman said China is importing less as its stock levels have crossed 8,000 million kg. She added that the Chinese Government has reduced import quota granted to actual users of cotton, thereby encouraging spinners to buy more of domestic cotton.
In view of subdued cotton prices in the domestic market, the government is safeguarding the interest of farmers by procuring from them at minimum support price. Moreover, the government is also exploring possibilities of exporting cotton to various other cotton deficient countries, the minister said. (RKS)
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