Bigger India
Chinese Importers Rework Up To $500 Million Indian Cotton Yarn Orders
Indian exporters said importers, import agents and Chinese bankers have defaulted, renegotiated confirmed orders or even cancelled shipments and letters of credit on 10-12 contracts without assigning proper reasons.
An improvement in US-China trade relations has started to hurt India’s cotton yarn exports and there is a chance of more damage. Chinese importers have renegotiated orders of Indian cotton yarn worth $400-500 million in the past few weeks.