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2011-04-11

SIMA appeals to stop cotton export

In a memorandum submitted to the Prime Minister during his visit to Coimbatore recently, SIMA requested that raw cotton export, citing the move is necessary buffer stock and overcome the raw material

In a memorandum submitted to the Prime Minister during his visit to Coimbatore recently, SIMA requested that raw cotton export, citing the move is necessary to buffer stock and overcome the raw material. It is necessary to wait till January 31 next year so that a realistic assessment of the exportable surplus could be made on the basis of reliable data on cotton production and consumption, SIMA said.

A recent Crisil Research study had recently cautioned that India would see cotton procurement costs rising sharply as domestic cotton prices are expected to rise by close to 80 percent in the cotton season 2010-11 (October to September).

A sharp increase in global prices due to rising imports from China has spurred cotton prices in India to new peaks. But prices in India have not increased as sharply as global prices because the government capped cotton exports from India for CS 2010-11 at 935 million kg-about 17 percent of the projected output to ensure cotton supply for domestic consumers.

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