MUMBAI (Commoditiescontrol) - India’s cotton exports to China in 2014-15 dropped 56.7 percent to 26 lakh bales compared to 61 lakh bales in 2013-14, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to Rajya Sabha.
Since, the exports to the top consuming nation in the world remained tepid, cotton prices had been moving sluggish in domestic markets unlike last year, she said.
The minister attributed the cotton policy adopted by China as the major reason for the reduced imports of Indian cotton by the country.
China's stock levels have reached over 8,000 million kg and due to this they are importing less, she said, adding reduction in import quota granted to actual users of cotton, thereby discouraged direct import by spinners and encouraged them to buy more of domestic cotton and also from government agencies holding stock.
(By Commoditiescontrol Bureau; +91-22-40015534)
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