Six months after India banned cotton exports, Bangladesh has begun importing Indian cotton.
On Monday, customs officials said 144 trucks of 8253 bales of cotton entered Bangladesh.
Dipak, the manager of LGW, an Indian cotton export company, said that on April 9, the Central Ministry of Finance of India issued a notice to impose Rs 2,500/t on value-added tax on export cotton. It also ordered that cotton export permits must be issued from New Delhi, not Calcutta.
Later on April 19, the Indian government banned the direct export of cotton to Bangladesh.
The Indian Cotton Exporters Association went to the High Court to challenge the legality of the ban on cotton exports. The court’s recent verdict favors cotton exporters, so India resumed its cotton exports on Monday.
Bangladesh imports about 5.5 million bales of cotton each year. Of these, 4 million bales came from Uzbekistan and another 1 million bales came from India.
By Monday night, 144 trucks of cotton were imported into Bangladesh through the Benapole customs.
On Monday, customs officials said 144 trucks of 8253 bales of cotton entered Bangladesh.
Dipak, the manager of LGW, an Indian cotton export company, said that on April 9, the Central Ministry of Finance of India issued a notice to impose Rs 2,500/t on value-added tax on export cotton. It also ordered that cotton export permits must be issued from New Delhi, not Calcutta.
Later on April 19, the Indian government banned the direct export of cotton to Bangladesh.
The Indian Cotton Exporters Association went to the High Court to challenge the legality of the ban on cotton exports. The court’s recent verdict favors cotton exporters, so India resumed its cotton exports on Monday.
Bangladesh imports about 5.5 million bales of cotton each year. Of these, 4 million bales came from Uzbekistan and another 1 million bales came from India.
By Monday night, 144 trucks of cotton were imported into Bangladesh through the Benapole customs.