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Indian textile mills to import 1.2m bales of cotton

28
Aug '12
Textile mills in India are likely to import 1.2 million bales (1 bale = 170 kg) of cotton, including short staple cotton during the current cotton season (October 2011-September 2012), according to the estimates of the Cotton Advisory Board (CAB), Textiles Minister Anand Sharma said in Lok Sabha.
 
The Minister said that cotton prices in India crossed the international prices in July 2012, which made imports of cotton more economical.
 
He added that availability of international credit finance at lower interest rates, availability of better quality cotton in international markets, savings in the carrying cost for textile mills and higher yarn realization were the reasons that contributed to India importing more cotton.
 
So far in the ongoing season, India has imported 480,000 bales of cotton, Mr. Sharma said.
 
In 2010-11 cotton season, India imported at total of 500,000 bales.
 
The Minister said that there is no acute shortage of cotton in the country and the closing stock at the end of the current season has been pegged by the CAB at 2.846 million bales, equivalent to over 30 days of cotton inventory with textile mills.
 
The Indian Government is not considering restricting cotton imports at the moment and textile mills can import the natural fibre if they find it commercially viable, he added.
 
For the current season, the CAB has estimated India’s cotton output to be 35.3 million bales, up from production of 33.9 million bales last season.
 
Similarly, cotton exports are estimated to be around 12.7 million bales this season, as against exports of more than 7.6 million bales last season.
 

Fibre2fashion News Desk - India


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