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India levies cotton export duty. Despairs textile sector

27
Apr '10
The importers in Pakistan have recently stated that, the Indian government's decision to impose export duty on cotton produce has left the imports of 200,000 cotton bales from India, in jeopardy.

They further said that, the country's textile sector, in order to meet the immediate demands of cotton produce, will have to bear an additional expenditure of over $800 million for importing cotton.

A hike of around 27 percent has been recorded in prices of Indian cotton and thus, it is possible that owing to the difference in import prices, Pakistani importers might have to cancel their orders.

Till date, Pakistan has imported around one million bales of cotton from India at an average import cost of Rs 5,800 per 100 kilograms. But orders for 200,000 bales are still pending, said, Ahmad.

The lint prices are likely to increase with the rapidly increasing prices of cotton in the international market, thereby, putting the price brunt on the country's textile sector. As on April 15, 2010, with a hike of 6 cents per pound, the lint price in the international market stood at 80-81 cents per pound.

Ahmad said that, during the end of the season, almost 20 percent of the crop in Punjab and internal areas of Sindh were found to be affected, as cultivators failed to remove the cotton virus. A shift towards cultivation of other crops including sunflower and sugarcane is also looked upon as a factor that is bringing down the production of cotton.

The spot rate of KCA touched its peek on April 20, 2010 when it was traded at Rs 6,100 per maund.

Fibre2fashion News Desk - India


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