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Cotton exports pick pace may miss targets
06 Apr '09
1 min read
India had exported 8 million bales (1 bale = 170 kg) of cotton in the previous cotton season, but the export target of just 5 million bales in the ongoing current season seems highly unlikely, looking at the recent figures released by the Textile Commissioner's office.
Cotton amounting to 950,000 bales has been exported till March 31, 2009, of which 597,000 bales have been shipped in the first quarter of 2009 alone. Market watchers are pessimistic of reaching the targeted figures going by the pace set till now.
The government had declared an incentive of 5 percent in January on exports of raw cotton from the country which is applicable from April 1, 2008 till July 2009, which accounts for the high rate of exports from the country in the first quarter of 2009.
Exports had been slow to take off due to the high prices prevailing in the domestic markets compared to those prevailing in the global markets, due to the change in Minimum Support Price (MSP) which was raised by 25-40 in the beginning of the cotton season.
Cotton amounting to 950,000 bales has been exported till March 31, 2009, of which 597,000 bales have been shipped in the first quarter of 2009 alone. Market watchers are pessimistic of reaching the targeted figures going by the pace set till now.
The government had declared an incentive of 5 percent in January on exports of raw cotton from the country which is applicable from April 1, 2008 till July 2009, which accounts for the high rate of exports from the country in the first quarter of 2009.
Exports had been slow to take off due to the high prices prevailing in the domestic markets compared to those prevailing in the global markets, due to the change in Minimum Support Price (MSP) which was raised by 25-40 in the beginning of the cotton season.
Fibre2fashion News Desk - India
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