India’s ban on cotton exports causes cotton prices to rise sharply
According to the French “Echo” report, on March 5, India’s Directorate General of Foreign Trade suddenly issued a decree banning cotton exports. As India is the world’s second-largest cotton producer and exporter, the news caused the price of U.S. cotton contracts for prompt delivery in May to surge 4.5% to 92.23 cents per pound.
According to a statement from the Directorate General of Foreign Trade of India, the government took this measure due to concerns about tight domestic cotton supply. India’s cotton exports in the past year may have greatly exceeded the export ceiling set by the government. Between April last year and the end of March this year, India exported 8.5 million bales of cotton, exceeding the government’s previous target of 8.4 million bales. Analysts said that this measure may lead to a decrease in global cotton supply and a new wave of rise in international cotton prices.
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