India: Cotton and Products Update
Link to report:
On February 1, the Government of India announced the imposition of a ten percent duty on imported cotton. The country’s textile sector is concerned that the new tariffs will hurt its position in global textile markets by making its value-added products less competitive. Post estimates cotton production at 28.9 million 480-lb. bales in marketing year (MY) 2020/21 on an area of 13.3 million hectares. The Cotton Corporation of India (CCI) has purchased 25 percent of the entire current crop under the minimum support price (MSP) program and remains active. Indian fiber and yarn prices remain higher than MSP levels as export demand remains strong, but domestic consumption remains sluggish.
