Shift in China’s policy to hit Indian cotton and yarn exports(video)

Coimbatore, June 18 (ANI):

Indian raw cotton exports are expected to plummet around 20 percent in the next crop year, with demand from China fading as Beijing unwinds a controversial stockpiling scheme. That would be greater than the nearly 6 percent drop touted for this year, with the change in Chinese policy coming on top of rising cotton consumption in India and a spurt in exports of finished yarn.

Cotton markets around the world have been watching closely as China abandons a stockpiling scheme under which it has amassed more than 10 million tonnes of the fibre – around 60 percent of global cotton inventories. The policy had driven up import demand by removing cotton from the domestic market and pushing up local prices