Govt eases export norms for cotton, yarn
09/12/2014 11:12
The government has eased export norms for cotton and cotton yarn, doing away with the need to register contracts, to help boost outbound shipments of the commodity, said the media report. In a notification, Director General of Foreign Trade (DGFT) said the registration requirement for export contracts of cotton and cotton yarn "has been dispensed with". The move is likely to help stabilise domestic cotton prices, which have fallen below the minimum support price (MSP) in some producing states due to sluggish export demand and bumper domestic production this year, added the media report. According to the USDA report, India - the world's second-biggest producer of cotton - is likely to export 7.69 million bales of the fibre in 2014-15 marketing year (August- July), down by 35 per cent from last year due to sluggish demand from China. China is the top cotton export market for India, followed by Bangladesh and Pakistan. The Cotton Advisory Board has pegged the country's total cotton production at over 40 million bales in the 2014-15 crop year, as against 39.8 million bales in 2013-14. One bale contains 170 kg of cotton.
09/12/2014 11:12
The government has eased export norms for cotton and cotton yarn, doing away with the need to register contracts, to help boost outbound shipments of the commodity, said the media report. In a notification, Director General of Foreign Trade (DGFT) said the registration requirement for export contracts of cotton and cotton yarn "has been dispensed with". The move is likely to help stabilise domestic cotton prices, which have fallen below the minimum support price (MSP) in some producing states due to sluggish export demand and bumper domestic production this year, added the media report. According to the USDA report, India - the world's second-biggest producer of cotton - is likely to export 7.69 million bales of the fibre in 2014-15 marketing year (August- July), down by 35 per cent from last year due to sluggish demand from China. China is the top cotton export market for India, followed by Bangladesh and Pakistan. The Cotton Advisory Board has pegged the country's total cotton production at over 40 million bales in the 2014-15 crop year, as against 39.8 million bales in 2013-14. One bale contains 170 kg of cotton.
