MUMBAI (Commoditiescontrol) - India’s April month exports of cotton yarn dropped 19.70 percent compared with a month ago, but increased 2.3 percentage year on year term, according to data showed on commerce ministry website.
In the month of April 2016 cotton yarn export reached 104.34 million kg, cotton at 3 lakh bales. while cotton import reached 1.4 lakh bales.”
Total cotton yarn export during the October to April reached at 866.48 million kg, while cotton export reached at 65 lakh bales (170kg each), meanwhile cotton import reached at 5.23 lakh bales.
Currently, Indian cotton and cotton yarn is expensive in overseas markets due to surge in domestic prices resulted weak demand. The exporters had earlier purchased cotton and cotton yarn, but poor overseas inquiries prompted them to sell their stocks in the domestic market.
In the meanwhile import also increased around 100% year-on-year basis.
Market analysts expect India's cotton imports may double this year following a 30 percent increase in domestic cotton prices over the past three months and increase in reliance for fibre from Pakistan, West Africa, Brazil and Australia, industry executives said.
“We expect cotton imports to increase to 2 million tonnes this year from 1 million tonne a year ago. The shipments have already started arriving, " said Atul Asher, secretary, Indian Cotton Federation told a news agency.
The difference in domestic and international prices led to rise in imports. Bulk imports from Australia, expected to be 5-6 lakh bales (170kg each), have resumed after nearly a decade.
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(By Commoditiescontrol Bureau; +91-22-40015522)
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