The Director General of DGFT may allocate cotton export quotas starting today.
India has 8-9 exporters across the country that oppose the new export quotas set by the General Administration of Foreign Trade, but they are striving for export quotas.
The General Administration of Foreign Trade, when determining the conditions and methods for the allocation of export quotas, said that companies wishing to export should have export performance in 2008-09 and 2009-10 (October-September). The distribution is carried out on a pro-rata basis, but the maximum number of exporters can not exceed 25,000 packages (170 kilograms). The applicant can strive to export more than the previous year, but must not exceed the limit of 25,000 packages.
Prior to this, the government notified on June 9 that in addition to the export quota of 5.5 million bales (the number of exports had already been completed on January 15), it was allowed to export 1 million bales. The formulation of export quotas is based on a forecast of a new high of 32.9 million bales this year. The Cotton Advisory Committee lowered its forecast to 31.2 million bales in February, but it is still the largest historical output. The Ministry of Textiles predicts that production will drop to about 31 million bales, and the Ministry of Agriculture predicts that production will be 32.9 million bales.
According to the schedule, the increased registration of export quotas will begin on June 20 and end on June 25. Application will be accepted until July 5, and the quota allocation will start tomorrow. Exporters will submit documents from July 7 to July 15. Exports will be completed on September 15.
The current cotton price is 39,500-40,000 rupees/candy.
India has 8-9 exporters across the country that oppose the new export quotas set by the General Administration of Foreign Trade, but they are striving for export quotas.
The General Administration of Foreign Trade, when determining the conditions and methods for the allocation of export quotas, said that companies wishing to export should have export performance in 2008-09 and 2009-10 (October-September). The distribution is carried out on a pro-rata basis, but the maximum number of exporters can not exceed 25,000 packages (170 kilograms). The applicant can strive to export more than the previous year, but must not exceed the limit of 25,000 packages.
Prior to this, the government notified on June 9 that in addition to the export quota of 5.5 million bales (the number of exports had already been completed on January 15), it was allowed to export 1 million bales. The formulation of export quotas is based on a forecast of a new high of 32.9 million bales this year. The Cotton Advisory Committee lowered its forecast to 31.2 million bales in February, but it is still the largest historical output. The Ministry of Textiles predicts that production will drop to about 31 million bales, and the Ministry of Agriculture predicts that production will be 32.9 million bales.
According to the schedule, the increased registration of export quotas will begin on June 20 and end on June 25. Application will be accepted until July 5, and the quota allocation will start tomorrow. Exporters will submit documents from July 7 to July 15. Exports will be completed on September 15.
The current cotton price is 39,500-40,000 rupees/candy.
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