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Posted on Nov 26, 03:22PM | IBNS
There is a decline in international cotton prices due to overstocking and lower global mill demand during the last Cotton Season, said Union Textiles Minister Anand Sharma.
In a written reply in the Lok Sabha onn Monday, Sharma said: "Domestic cotton prices have followed the global price decline trend, but less steeply, so that the differential between international and domestic prices has narrowed considerably and at times become negative."
He said India's cotton exports for 2011-12 Cotton Season reached 129 lac bales which is the highest ever export performance.
For Cotton Season 2012-13, the Cotton Advisory Board has estimated a production of 334 lakh bales and an exportable surplus of 70 lac bales.
Export registrations of 4.5 lac bales have been reported till November 5, 2012. Cotton Trade follows well established trade routes.
There is no ban on cotton exports category for Cotton Season 2012-13.
"Cotton exports are currently on Open General License subject to a prescribed procedure of registration," said Sharma.