The Indian Textile Commissioner has allowed the export of cotton on November 1st, and 90% of the cotton will be exported to China, Bangladesh, Pakistan and Indonesia.
The Indian Textile Commissioner issued 5.246 million bales of cotton export license registration certificates (EARCs), of which 4.8 million bales of cotton will be exported to the above four countries.
The Central Government of India decided to allow 5.5 million bales of cotton to be exported starting from November 1 this year. The export registration of cotton started from October 1 and stopped on October 10 because the number of applications received by the Commissioner’s office had reached the maximum amount. Most of these exports go to China.
Secretary-General of the Federation of Indian Textile Industry D. K. Mr. Nair said that these four countries are India’s main competitors in the global textile market. India exports cotton to them, and its own textile factories are hit.
According to industry sources, India exports jobs to China through cotton.
The exporters' conditions for obtaining export licenses have attracted more attention.
An exporter, who asked not to be named, said that at least 70% of export licenses are issued to exporters in the form of cash-on-demand (CAD), rather than in the form of letters of credit.
According to the data provided by the Textile Commissioner's Office, 70% of export licenses are issued to 13 export companies. The problem with the pay-to-pay terms is that they do not have any guarantees or guarantees.
According to past records, cotton has a credit period of 90-180 days with L/C exports, which means that overseas buyers are not able to pay at the place of delivery, and exporters lack the confidence to extend such credit.
According to industry sources, Indian cotton exports are not in accordance with the letter of credit. The pay-as-you-go (CAD) method allows exporters to evade actual sales. All these registrations are speculation. Textile Specialist MrA. B. Joshi said that export licenses will only be issued if all the documents submitted by the exporter are found to be valid. The entire registration process is transparent and all applications are treated equally.
CAD is worrying that exports may not have happened yet but cash has been paid.
However, Nair said that under CAD trading, exporters can ship cotton to their offices or overseas agents.
He said that actual sales will happen in the future. Exporters will now store the cotton until the actual contract is fulfilled.
Exporters said that 75% of the applications did not have a letter of credit when applying for an export license.
The Indian Textile Commissioner issued 5.246 million bales of cotton export license registration certificates (EARCs), of which 4.8 million bales of cotton will be exported to the above four countries.
The Central Government of India decided to allow 5.5 million bales of cotton to be exported starting from November 1 this year. The export registration of cotton started from October 1 and stopped on October 10 because the number of applications received by the Commissioner’s office had reached the maximum amount. Most of these exports go to China.
Secretary-General of the Federation of Indian Textile Industry D. K. Mr. Nair said that these four countries are India’s main competitors in the global textile market. India exports cotton to them, and its own textile factories are hit.
According to industry sources, India exports jobs to China through cotton.
The exporters' conditions for obtaining export licenses have attracted more attention.
An exporter, who asked not to be named, said that at least 70% of export licenses are issued to exporters in the form of cash-on-demand (CAD), rather than in the form of letters of credit.
According to the data provided by the Textile Commissioner's Office, 70% of export licenses are issued to 13 export companies. The problem with the pay-to-pay terms is that they do not have any guarantees or guarantees.
According to past records, cotton has a credit period of 90-180 days with L/C exports, which means that overseas buyers are not able to pay at the place of delivery, and exporters lack the confidence to extend such credit.
According to industry sources, Indian cotton exports are not in accordance with the letter of credit. The pay-as-you-go (CAD) method allows exporters to evade actual sales. All these registrations are speculation. Textile Specialist MrA. B. Joshi said that export licenses will only be issued if all the documents submitted by the exporter are found to be valid. The entire registration process is transparent and all applications are treated equally.
CAD is worrying that exports may not have happened yet but cash has been paid.
However, Nair said that under CAD trading, exporters can ship cotton to their offices or overseas agents.
He said that actual sales will happen in the future. Exporters will now store the cotton until the actual contract is fulfilled.
Exporters said that 75% of the applications did not have a letter of credit when applying for an export license.
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