MUMBAI: Indian traders are struggling to export cotton despite higher production as farmers are delaying sale of their harvest hoping for higher prices in coming months, industry officials told Reuters.
The limited supplies are keeping local prices significantly above the global benchmark, making overseas sales unviable from the world’s biggest producer of the fibre.
“Harvesting of the new crop started last month, but many farmers are not willing to sell.
They are holding crop hoping prices would rise like the last season,” said Atul Ganatra, president of the Cotton Association of India (CAI).
Farmers received record prices for their last season’s crop, but the new crop is unlikely to get the same prices as local production has risen and global prices have fallen, Ganatra said.
Published in Dawn, November 25th, 2022
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