Indian cotton yarn exporters look to China to increase imports
According to a report by India’s “Business Standard” on March 10, because the auction price of Chinese cotton is 25% higher than that of Indian cotton, Indian cotton yarn exporters are looking forward to China increasing imports. The current auction price of domestic cotton in China is about US$2,138-2,345/ton, while the local cotton price in India is only US$1,761/ton. However, industry insiders are worried that Indian cotton will be directly competed by Vietnamese cotton. China has imposed a 3.5% tariff on cotton yarn imported from India. Thanks to the China-ASEAN Free Trade Agreement, China has adopted zero tariff on cotton yarn produced in Vietnam. According to statistics from the Indian Cotton Textile Export Promotion Council (TEXPROCIL), India’s cotton yarn export volume from April to December 2016 was 872,000 tons, a year-on-year decrease of 12%. Indian cotton yarn exporters look to China to increase imports
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