Imports of 2.50 lakh cotton bales from Oz soon in Gujarat
According to sources, Indian spinners have placed orders for 2.50 lakh bales from Australia which will be duty free
With lower arrivals in the domestic market, the textile industry is witnessing a higher demand for imported cotton.
According to sources, Indian spinners have placed orders for 2.50 lakh bales from Australia which will be duty free. This stock is expected to reach India in three months.
Apart from Australia, many players are planning to import cotton from Africa as the central government has introduced a scheme of half import duty for imports from underdeveloped countries.
Australian cotton has low moisture and spinners get better realisation for the yarns made of Australian cotton. Spinners also get premium prices for Australian cotton yarn because it is contamination free.
According to industry experts, a major portion of the Australian cotton will come to the Gujarat-based spinning units. India's cotton imports from Australia reached $283 million in 2022, which is more than four times the previous year's imports.
Indian textile industry imported around 4.75 lakh bales of cotton last year which is more than 2.5 times higher than the previous year.
