11 June 1999
Indian cotton prices hit by imports
IMPORTS have hit the price of Indian cotton with values falling by up to 12% this year, reports the Financial Times.
The countrys textile mills are importing large quantities in the current season despite the harvest of a bumper domestic crop.
Indias domestic production has been hit by quality problems caused by pest attack and cotton prices are expected to remain flat.
The country is expected to finish the season with stocks of nearly 5m bales, against 1998-1999 opening stocks of 3m bales.