Indian traders and spinners should meet domestic demand first before exporting
Foreign news on May 18, Indian Textile Minister Piyush Goya said at a meeting on Wednesday that the country’s traders and spinning mills should first meet the needs of the domestic textile industry (there is surplus supply ) before they can be exported to overseas markets.
Earlier this week, textile manufacturers in the country’s southern state of Tamil Nadu went on a two-day strike, demanding that India ban cotton exports.
The local area is one of India’s major fashion export centers.
Earlier this month, U.S. cotton futures rose to an 11-year high, and Indian cotton and cotton yarn prices soon followed suit.
Piyush Goya said: “Indian spinning mills and trading entities should ensure that the demand for cotton and cotton yarn in the domestic textile industry is met, and only if there is remaining supply. Cotton and cotton yarn must be exported and shipped. Indian exporters cannot export cotton and cotton yarn at the expense of the interests of the domestic textile industry. You must know that the textile industry contributes the most employment to India among all industries.”
India is the world’s largest cotton producer, and Bangladesh, Vietnam, and China are the largest buyers of its cotton.
He also said that he called on all parties to work together to solve the problem of cotton and cotton yarn prices, rather than competing with each other, so as not to force the government to intervene, because government intervention measures may It will have an (adverse) impact on the domestic cotton industry chain in the long term.
The Indian government has previously decided to form a Cotton Association, whose representatives will come from textile manufacturers, the Ministry of Finance, the Ministry of Agriculture and the Ministry of Commerce. The association will hold its first meeting on May 28.
On Saturday, India unexpectedly announced a ban on wheat exports that would take effect immediately.
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