Recession hits cotton export in Gujarat

The sluggish demand across global markets has brought down India's cotton export below the estimates. Export has been hit in Saurashtra as major importers like China, Turkey, Peru and Egypt have decided to slash their imports. Only 5.3 lakh bales have been shipped offshore out of 9.5 lakh bales. In 2008, China bought about 60 percent of the total Indian cotton export, but this year it has marginalized its contracts and is buying from internal traders.