India’s cotton export ban may benefit Pakistan’s cotton exports
According to Pakistan’s “Business Record” report, India, the world’s second largest cotton producer and exporter, announced a ban on cotton exports on Monday (March 5) to meet the needs of the domestic textile industry. The ban took effect immediately and caused cotton prices to rise sharply in the international market that day. The ban was issued only six months after India completely relaxed cotton export controls.
Pakistani analysts believe that India’s cotton export ban may benefit Pakistan’s cotton exports. So far, Pakistan’s cotton output this cotton season (ending at the end of May 2012) has reached a record high of 14.38 million bales (1 bale equals 170 kilograms). It is optimistically estimated that the final output will reach 16 million bales. To this end, Pakistan may export up to 500,000 bales of cotton. Coupled with price increases caused by India’s export ban, Pakistan can earn more foreign exchange earnings through cotton exports.
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