India lifts cotton export ban
According to Pakistan’s “Business Record” report, Indian Minister of Commerce and Industry Anand Sharma told the media on the 11th that in order to protect the interests of cotton farmers and protect industry and trade from being affected, India decided to withdraw the announcement 6 days ago cotton export ban.
According to reports, domestic cotton farmers in India expressed anger at the export ban, and the Indian Agriculture Minister also complained that he did not know about the cotton export ban before it was introduced. In response to the above situation, Indian Prime Minister Manmohan Singh demanded an immediate review of the ban and finally decided to lift the ban.
According to reports, India is the world’s second largest cotton producer. In the fiscal year ending on March 31, 2012, India exported a total of 8.5 million bales of cotton. After the above-mentioned ban was introduced last week, India’s domestic cotton prices dropped sharply, and the international cotton price on the New York Mercantile Exchange surged sharply. Global cotton importers have adjusted their import strategies, shifting from India to other cotton-producing countries such as the United States. Analysts believe that after the ban is lifted, international cotton prices are expected to gradually stabilize.
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