Shipments being made at a loss even as new orders are delayed
Suresh P. Iyengar
Mumbai, May 7
The sharp rise in cotton prices is threatening to upset the apple cart of booming textile exports even as the government tried to soothens the nerves by removing an 11 per cent import duty on cotton imports.
Despite the import duty removal, not many spinning and composite textile mills showed interest in cotton imports due to high costs. Globally, cotton prices started moving last year due to supply-chain disruptions, sanctions by the West on China’s textile hub, Xinjiang, and a power crisis in China, besides expectations of lower production by major cotton-growing countries.
https://www.thehindubusinessline.com/economy/textile-exporters-reel-under-high-cotton-prices/article65391440.ece (Source: The Hindu Businessline)