India Promises to Fulfill Export Agreements with Pakistan
Pakistani cotton importers say that export deals they signed with Indian exporters in October 2010 have been cancelled five times.
February 2, 2011
Pakistani cotton importers say that export deals they signed with Indian exporters in October 2010 have been cancelled five times, according to a story published on www.thenews.com/pk. The prices for the million bales that were ordered ranged from $0.71/lb to $1.52/lb, but Indian sellers have so far delivered only 67,000 of those bales.
“India is once again inviting us to negotiate prices,” says M. Yasin Siddik, chairman of All Pakistan Textile Mills Association, Sindh-Balochistan Region.
Mills and other importers in Pakistan frequently turn to India for their cotton because shipment only takes a day--as opposed to the six weeks or more it can take for fiber from other parts of the world to reach them. DK Nair, Director General of Confederation of Indian Textile Industry (CITI), told The News that Indian exporters will fulfill all export deals, despite the fact that domestic textile companies are desperate for any cotton they can find.