Exports Current Affairs - 2020

India to setup its own Cotton Warehouse in Vietnam to boost Exports

The Cotton Corporation of India is holding surplus stocks of cotton. With the next harvest season approaching, the CCI is trying to boost exports.

Highlights

To export the current stocks, India will sign Memorandum of Understanding with Bangladesh to export 1.5 to 2 million bales of cotton. One bale is 170 kilo grams. Also, the CCI will set up its own warehouse in Vietnam to boost cotton exports.

Background

The CCI has so far procured 12.1 million bales of cotton. Along with its agent Maharashtra State Cooperative Marketing Federation, CCI was able to sell 900,000 bales of cotton this season.

Why Bangladesh and Vietnam?

India has chosen Bangladesh and Vietnam as they have duty-free access to markets of US, Europe, and China. This gives them an edge over Indian Yarn and garment exporters who pay comparatively higher duties.

Cotton Corporation of India

It is a GoI agency that is engaged in diverse activities related to export, trade, and procurement of cotton. It is also responsible for distribution of cotton and aids in import of cotton. The CCI is governed by the Textile Policy 1985 that was issued by the Ministry of Textiles.

Textile Policy in India

Currently India is working under National Textile Policy 2000. The Government of India announced in 2019 that a new Textile Policy, 2020 will be rolled out in mid of 2020. The New Textile Policy being formulated will focus on technical textiles, manufacturing of apparel and garment, man-made fibre products and exports.

Indian Spices Exports increase by 23%

On July 19, 2020, the Ministry of Commerce released data on exports. According to the data, the export of spices has increased.

Highlights

In June 2020, Indian Spices exports has increased by 23% as compared to the same month in 2019. The exports of spices have earned 359 million USD in June 2020 as compared to 292 million USD in June 2019.

The overall exports of the country in June 2020 was at 21.91 billion USD as compared to 25.01 billion USD in June 2019. The overall exports has declined by 12.41%.

Spices

The spices being exported include pepper, ginger, cardamom, coriander, turmeric, celery, fenugreek, nutmeg, mint and spice oils. The major importers of Indian spices are UAE, France, US, UK, Germany, Australia, Iran, China, Bangladesh and France.

Why the increase?

People all over the world are increasing their immunity due to COVID-19 condition in natural ways. The efforts of Ayush Ministry have increased traditional knowledge about spices in India. The Ministry has also spread the knowledge all over the world. This is the main reason for the export of spices being increased.