India to review cotton export limit
According to Indian commerce ministry, Rahul Khullar, the country will review its cotton export ‘ceiling’ in November. At present, 5.5 million bales can be exported.
The review will take place on November 15 and it is expected that shipments that exceeding the limit will be subject to duties.
The Cotton Association of India has responded to the restriction by saying that the limit should be lifted to at least 7.5 million bales as supply currently exceeds domestic demand levels. The association said it would be approaching the commerce ministry ahead of the November review.
Last year, India produced 29.5 million cotton bales and exported 8.3 million bales. Cotton exports were put on hold in April following a steep rise in raw material prices, but the ban was lifted the following month and replaced with the restricted export levels.
