Shipments of around 250,000 bales of Indian cotton to China have been delayed by nearly two weeks as a virus outbreak and factory closures dampens demand from the world’s biggest consumer of the fibre.
India, the world’s second-biggest cotton exporter, is hoping to treble shipments of the fibre to China next year as Beijing seeks to replenish stockpiles and imposes a 25 percent import tax on cargoes from the US.
Cotton planting in India, the world’s top cotton producer, could fall 12% in the 2018/19 crop year as infestation by the pink bollworm has slashed farmers’ incomes, prompting them to choose other crops, say officials.
Cotton planting in India could fall 12 percent in the 2018/19 crop year as infestation by the pink bollworm has slashed farmers’ incomes and prompted them to choose other crops, industry officials said.
India’s cotton exports have been gathering pace after global prices jumped to four-year highs, with traders in the world’s top producer of the fibre signing contracts in the last three weeks to ship over 1 million bales.
Pentland Brands, the owner of Speedo, Berghaus and Canterbury, has promoted Chirag Patel to Chief Operating Officer. In his new role, he will drive growth through the acquisition of new brands and footwear licenses.
The world’s top cotton buyers, all in Asia, are flocking to India to secure supplies after fierce storms in the United States, the biggest exporter of the fibre, affected the size and quality of the crop, dealers said.