MUMBAI (Commoditiescontrol) - India’s exports of cotton yarn and related products rose 1.88 percent in Indian Rupee terms to Rs 5588.58 in October compared to Rs 5485.35 same month last year, according to a Commerce Ministry data.
Currently, Indian cotton is cheaper in overseas markets compared to their domestic prices, which is driving export orders. So much so that exporters are buying nearly 60 percent of total cotton being sold in domestic markets.
Market analysts expect total booked export orders to jump to around 25 lakh bales in October and November as Indian cotton is competitive in international markets. Further, constant weakness in the Indian currency would back upside in demand.
A lot of domestic and international agencies have forecast India’s exports to rise in 2015/16 cotton season. International Cotton Advisory Committee (ICAC) pegged India’s cotton exports in 2015/16 at 1.2 million tons, up 34 percent from last year. Similarly, U.S. Department of Agriculture (USDA) also sees exports at 4.4 million tons in the season.
While, exports of man-made yarn/fabrics/made-ups etc were valued at Rs 2758.63, down 3.66% from last year’s Rs 2863.51.
On the other hand, the exports slumped 3.94 percent in U.S dollar terms to $859.02 from $894.22 in the corresponding period last year.
The fall in export values in dollar terms is mainly due to the difference between values of Indian currency and U.S currency. Currently, Indian rupee is hovering at around 66.02 against a dollar.
(By Commoditiescontrol Bureau; +91-22-40015532)
0 Comments 
Post Comment 
