Archive for September 2nd, 2009

India Will Import 30% of Its Sugar Following Drought :(

India Will Import 30% of Its Sugar Following Drought

India, the world’s biggest sugar consumer, may depend on imports to meet almost a third of its demand next year as a drought in the major growing regions threatens cane yield.

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Local sugar consumption may total 23 million metric tons in the year beginning Oct. 1  and 30 percent of the supplies will be met through imports.

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India’s production in the season starting Oct. 1 will lag behind the demand of 22 million tons.

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Indian authorities are raiding hoarders to boost the availability of sugar, edible oils and lentils during the August-to-December festival season and cool prices.

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India has set limits on the amount of sugar that traders and institutional users can stockpile as it faces a shortfall in supplies for a second year.

The production of sugar in India during year 2008 and 2009 sugar season has not been adequate to meet the domestic demand of the country.

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India’s dwindling stocks and rising demand have helped raw sugar futures surge to the highest in nearly three decades on prospects of large purchases by the world’s top sugar consumer.

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Weak monsoon rains have further raised supply concerns in India.

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Beside that, there is another Agri Update that Cotton and kharif crop has started arriving in mandis of Punjab and Haryana.

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Although in small quantity, but both the states are hoping to achieve combined cotton output of 45 lakh bales during this year in view of surge in area under crop.

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“As cotton growers have started bringing their crop to grain markets, almost 500 bales per day are arriving in Punjab and 350 bales in Haryana,” traders said.

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The price of fresh cotton is ruling at Rs. 2,550 to Rs. 2,700 per quintal, they said while adding that cotton arrivals are going to pick up in mandis in coming days.

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Cotton crop was the only crop during this Kharif season 2009-10 which has seen increase in its area in both Punjab and Haryana despite the fact that area under other crops such as paddy, sugarcane guar went down considerably due to deficient rains.

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India’s dwindling stocks and rising demand have helped raw sugar futures surge to the highest in nearly three decades on prospects of large purchases by the world’s top sugar consumer.

Weak monsoon rains have further raised supply concerns in India.

China pips Germany to Become World’s No.1 Exporter

China is world’s No. 1 exporter

China has become the world’s largest exporter surpassing Germany, the World Trade Organisation (WTO) has said.

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China piped Germany—which held the No. 1 slot since 2003—by a slim margin of $10 million after exporting goods worth $521.7 billion in the first half of 2009.

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The latest figures have put China and Germany in a desperate race to establish themselves firmly at the zenith in 2009-end and in 2010.

Independent experts, including a WTO economist, have said it’s still too early to say that China would remain ahead of Germany by the end of 2009.

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But elated Chinese economists have predicted that the country will continue to grow and never give up this special position which it has achieved for the first time.

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China will surpass Japan to become the world’s second-biggest economy this year if the exchange rate factor did not come in the way, as expected by experts.

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China’s exports to all its 12 major trading partners have risen rapidly in the past two years.

China’s share in the trade of these 12 countries, including the US and European countries, climbed from 16.2% during the first quarter to 19.3% in early 2008.

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The WTO had predicted last July that China would pass Germany as the largest exporter in 2009.

The Organisation for Economic Cooperation and Development (OECD) said the ratio of China’s foreign trade to global trade will increase from the current 8.7% to 10% when the global economy recovers.

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However experts have a piece of advise for Chinese exporters that their is need for them to shift their focus to emerging markets—instead of the US and Europe—to enhance their competitiveness.

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China has become the world’s largest exporter surpassing Germany, the World Trade Organisation (WTO) has said. China piped Germany—which held the No. 1 slot since 2003—by a slim margin of $10 million after exporting goods worth $521.7 billion in the first half of 2009.

The latest figures have put China and Germany in a desperate race to establish themselves firmly at the zenith in 2009-end and in 2010. Independent experts, including a WTO economist, have said it’s still too early to say that China would remain ahead of Germany by the end of 2009. But elated Chinese economists, including Li Daokui of Tsinghua University, have predicted that the country will continue to grow and never give up this special position which it has achieved for the first time.

“The figure is not surprising, thanks to the nation’s growing economic strength. And possibilities are high that the momentum will continue,’’ Li was quoted in the official media as saying.

China will surpass Japan to become the world’s second-biggest economy this year if the exchange rate factor did not come in the way, Cai Haitao, inspector of the department of policy research under the ministry of commerce, was quoted in the official media as saying.

China’s exports to all its 12 major trading partners have risen rapidly in the past two years. China;s share in the trade of these 12 countries, including the US and European countries, climbed from 16.2% during the first quarter to 19.3% in early 2008.

The WTO had predicted last July that China would pass Germany as the largest exporter in 2009. The Organisation for Economic Cooperation and Development (OECD) said the ratio of China’s foreign trade to global trade will increase from the current 8.7% to 10% when the global economy recovers.

Cai advised that Chinese exporters need to shift their focus to emerging markets—instead of the US and Europe—to enhance their competitiveness.