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Rupee appreciation helps growth of long-staple cotton imports

16
May '07
Although Indian rupee appreciation has some adverse effect on exports, country's cotton importers are in an ecstatic mood.

Since April 16, rupee grows stronger by more than 2 percent enabled textile mills to import long-staple cotton. India mainly an exporter of cotton usually imports extra-long staple variety, which is not grown in the country.

Sources from South India Cotton Association said that prices of Shankar IV cotton type are higher in the domestic market leading to imports. During one month, about 150,000 bales of Shankar IV have been booked due to price advantage.

Importers can purchase the long-staple Shankar IV variety at Rs18,200 per bale, which weighs 170 kg, is much lower than the domestic price. A slide is seen from first week of April which came down from Rs20,300 per bale to just under Rs19,000 on May 15, Tuesday.

Domestic cotton prices came down gradually all over the country due to growing imports and less exports.


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