Cotton imports surged in the first seven months of 2007 to reach 720,000 tons as compared to 610,000 tons in same period last year, representing a growth of nearly 19 percent.
Global price trend of cotton is affecting the domestic industry as the rates are continuously rising, putting tremendous pressure on the textile industry.
Severe drought seems to have hit Turkey and water shortage has hit cotton cultivation. Already, many cotton growing regions have announced drop in the production area.
This situation is definitely not going to help the high-price scenario and might as well heat it up.
Experts say that if the prices continue upward trend and the US Dollar also strengthens, the cotton industry will be in a crunch and weaken drastically.
Global price trend of cotton is affecting the domestic industry as the rates are continuously rising, putting tremendous pressure on the textile industry.
Severe drought seems to have hit Turkey and water shortage has hit cotton cultivation. Already, many cotton growing regions have announced drop in the production area.
This situation is definitely not going to help the high-price scenario and might as well heat it up.
Experts say that if the prices continue upward trend and the US Dollar also strengthens, the cotton industry will be in a crunch and weaken drastically.
