India, the second biggest cotton producer and also the second biggest exporter of cotton after the US, is on an import binge. The country has imported 500,000 bales till date and is expected to exceed import one more million bales by September.
“The main reason is the lower prices of cotton prevailing in overseas destinations like Tanzania, Zambia, Mali, Pakistan, etc. Importers are buying cotton at 75 to 80 US cents (CNF India) compared to around 88 cents in the Indian market”, a top official of the Textile Ministry informed fibre2fashion.
"Secondly cotton crop sowing is down 10 percent from last year in the new season and the rains which have played truant till date could further dampen the prospects. This also has led to Indian textile industry, importing cotton in huge quantities”, he said.
He added, “The importers – mainly Indian denim makers are buying short and medium staple cotton and they are also availing a credit period of 60 days from the African countries. They have signed contracts for around 125,000 bales in Pakistan too”.
“We had targeted imports of around 500,000 bales in the current season, but the way they have gathered momentum, we would not be surprised if they cross 1.5 million bales by September 2012”, he concluded by saying.
Fibre2fashion News Desk - India
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