India will allow the export of domestic cotton from November 1

India, the world's second-largest cotton producer, has announced that it will allow the export of domestic cotton starting from November 1. Textile Minister Rita Menon made the announcement following the conclusion of the New Delhi Ministerial Conference today. Cotton suppliers can begin registering export contracts from October 1, with a maximum export limit set at 5.5 million bales—each weighing 170 kg. This decision comes after a previous delay in cotton exports, which had raised concerns about a potential supply gap. As a result, cotton prices have remained strong this year. According to Macquarie Group, global cotton production is expected to reach 1.1697 billion bales, slightly below the projected demand of 1.1916 billion bales. It’s worth noting that the bale weight mentioned here refers to U.S. standard bales, which are approximately 218 kg each. Indian textile mills will no longer be allowed to register new export contracts after December 31. Additionally, exporters will face an export tax of 10,000 rupees ($221) per ton of cotton exported. Menon also mentioned that the government will review the issue of export taxes during a meeting scheduled for mid-October. Meanwhile, the China Cotton Association reported a significant deficit of 3.6 million tons as of the end of August. In the U.S., cotton conditions have deteriorated, adding to global supply concerns. The Indian Textile Industry Union warned that prolonged rainfall may lead to lower-than-expected cotton production this season. The state-owned Cotton Information Committee recently estimated that production could fall below 32.55 million bales in the upcoming crop year, which starts on October 1. Union Vice President Prem Malik stated that the industry expects output to reach around 29.5 million bales this year. India is set to review its export quota of 5.5 million bales during the mid-October meeting. However, Agriculture Minister Sharad Pawar suggested that the country could potentially export between 7.5 and 8 million bales this year, starting from October 1. This indicates that the government may adjust its export policy based on current market conditions and domestic supply needs.

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