India looks to boost cotton exports to Vietnam

Update: 09:40 | 28/07/2020
The Cotton Corporation of India (CCI), which is holding surplus stocks of cotton just ahead of the next harvest season, is trying to boost exports of cotton to Bangladesh and Vietnam.
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Illustrative image. (Photo: in.fashionnetwork.com)

The Economic Times on July 27 said that a memorandum of understanding is being worked out to export 1.5-2 million bales (of 170 kilograms each) of cotton to Bangladesh while the state-run CCI will also set up its own warehouse in Vietnam to boost cotton exports.

“We are in the process of signing a government-to-government memorandum of understanding with Bangladesh to export about 15-20 lakh bales of cotton to that country," said CCI Chairman PK Agarwal.

The corporation had procured nearly a third of India’s 2019-20 cotton output. Of the 12.1 million bales it had procured, along with its agent Maharashtra State Cooperative Marketing Federation, it has been able to sell 900,000 bales in the present cotton season, which ends on September 30.

Countries such as Bangladesh, Vietnam and Sri Lanka have duty-free access to the markets of Europe, the US and China, which give them an edge over Indian yarn and garment exporters who have to bear the burden of various duties.

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(Source: VNA)