India: The new tax system disrupts the normal operation of the market, and the export price of cotton yarn drops slightly

Last week (June 29-July 5), the first week of the formal implementation of India's new GST tax system, India's domestic cotton textile prices were basically frozen, and cotton yarn export prices fell slightly.　　 It is understood that the Indian market is currently confused about the implementation of GST (Goods and Services Tax). Textile manufacturers and traders in some cities have triggered protests and even clashed with the police. At the same time, there was a strike in Tamil Ted. Trading activities in the Indian domestic market are in a state of chaos.　　In terms of export market, the export price of Indian cotton yarn dropped slightly last week. The FOB price of 30S combed cotton yarn dropped by 8 cents to 2.95 cents/kg. It is understood that since the end of November 2016, the price of Indian cotton yarn has basically fluctuated around 3 cents/kg. The current price of Indian cotton yarn exports has increased by 5.4% compared to the same period last year.　　 Last week, Pakistani cotton prices began to fall, while Indian cotton prices remained firm. Affected by the continuous sharp drop in international cotton prices, India's spinning profit margin has been further pressured, and cotton yarn export profits have continued to be compressed. Article Keywords: 　Indian Cotton Yarn Export