Wait...
  1. Home >
  2. Export Import News >
  3. Export News >
  4. India's cotton exports gain pace as overseas price rise, rupee weakens >
  5. India's cotton exports gain pace as overseas price rise, rupee weakens

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

India's cotton exports gain pace as overseas price rise, rupee weakens.


Date: 09-01-2020
Subject: India's cotton exports gain pace as overseas price rise, rupee weakens
Cotton exports from India have gained momentum due to a depreciation in the rupee and as prices have rallied in overseas markets, prompting Asian buyers such as China, Bangladesh and Vietnam to raise Indian purchases, dealers said.

Rising exports from India could put pressure on global prices for cotton, which are trading near their highest in eight months, and hurt shipments from rivals such as the United States and Brazil to key Asian buyers.

"In the last fortnight very good business happened. China was making purchases for prompt shipment," Arun Sekhsaria, managing director of exporter D.D. Cotton, said.

India has shipped 1 million cotton bales since the 2019/20 marketing year started on Oct. 1 and another 700,000 bales have been contracted for shipment in January and February, five exporters told Reuters.

Until few weeks ago, Indian traders had been struggling to sign export contracts as local prices exceeded global prices after New Delhi raised the minimum buying price to support farmers.

India has raised the minimum raw cotton buying price by 38% in two years, to 5,550 Indian rupees per 100 kg.

But a rebound in global prices and a fall in the rupee has made Indian cotton competitive in the world market, Sekhsaria said.

Bangladesh and China were active buyers, while Vietnam and Indonesia are making small purchases, said a Mumbai-based dealer with a global trading firm.

Indian cotton was sold at around 75 cents per pound on a cost and freight basis (C&F) to China and 76 cents to Bangladesh for shipments in January, dealers said.

India's cotton production in 2019/20 is likely to jump 13.6% to 35.5 million bales due to a bigger cultivated area and a boost to yields from above-average monsoon rains, a leading trade body has forecast.

New Delhi's exports in 2019/20 could rise 19% from a year ago to 5 million bales if global prices remain firm in the rest of the season, said a New Delhi-based dealer whose firm trades globally.

"Right now, Indian cotton is 3 to 4 cents cheaper than the supplies from Brazil and the United States. There is good demand," the dealer said.

But Pakistan, usually a leading buyer of Indian cotton, has not been making purchases due to tensions between the nuclear-armed nations over disputed the Kashmir region, exporters said.

Indian cotton is cheaper for Pakistani buyers, but they cannot purchase due to restrictions imposed by Islamabad, a New Delhi-based dealer said.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 08-02-2020
Notification No. 08/2020-Customs
Seeks to exempt specified goods from Health Cess imposed on the medical devices falling under heading 9018 to 9022 in terms of clause 139 of the Finance Bill, 2020.

Date: 06-02-2020
Notification No.11/2020 - Customs (N.T.)
Exchange Rates Notification No.11/2020-Custom (NT) dated 06.02.2020

Date: 03-02-2020
Notification No. 11/2020-Customs (N.T./CAA/EXTENSION/DRI)
Appointment of CAA by DGRI

Date: 03-02-2020
Notification No. 12/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI

Date: 02-02-2020
Notification No. 06/2020 – Customs
Seeks to further amend notification No. 24/2005-Customs, dated the 1st March, 2005 so as to exclude copper and articles thereof from the exemption provided to raw materials use for manufacturing of ITA goods specified therein the notification

Date: 02-02-2020
Notification No. 07/2020 – Customs
Seeks to further amend notification No. 25/2005-Customs, dated the 1st March, 2005 so as to exclude copper and articles thereof from the exemption provided to raw materials use for manufacturing of ITA goods specified therein the notification.

Date: 02-02-2020
Notification No. 09/2020-Customs (N.T.)
Appointment of CAA by DGRI

Date: 02-02-2020
Notification No. 09/2020-Customs (N.T.)
Seeks to further amend Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 to change the anti-circumvention provision and make certain other miscellaneous changes.

Date: 02-02-2020
Notification No.10/2020-Customs (N.T.)
Seeks to further amend Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidised Articles and for Determination of Injury) Rules, 1995 to introduce anti-circumvention provisions in these rules and make certain other miscellaneous changes.

Date: 02-02-2020
Notification No. 08/2020-Customs
Seeks to exempt specified goods from Health Cess imposed on the medical devices falling under heading 9018 to 9022 in terms of clause 139 of the Finance Bill, 2020.



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001