India’s cotton exports could almost double this season: Cotton Association of India

India’s cotton exports are expected to almost double in the 2023 to 2024 season as average Indian cotton prices were cheaper compared to other players in the global market and Indian cotton production has also increased.

The 2023 to 2024 cotton season could see exports reach 28.5 lakh bales compared to 15.5 lakh bales which were exported during the 2022 to 2023 crop year, according to the Cotton Association of India, ET Bureau reported. The cotton crop seasons run from October 1 to September 30.
 
“Indian cotton was ruling at a much cheaper rate during February to March compared to the global market,” the CAI’s president Atul S Ganatra told the Press Trust of India. “During this period, a lot of exports took place, including 20 lakh bales to neighbouring Bangladesh.”
 
The average rate of cotton for the new season which began on October 1 is approximately Rs 57,500 per candy. During the previous year, the average rate was higher at Rs 62,500 per candy.
 
The CAI’s Crop Committee has estimated that the 2023 to 2024 cotton season’s production totalled 325.29 lakh bales, which is higher than some of its previous estimates for the season. The CAI also raised its cotton import estimate total by 1.1 lakh bales but expects domestic consumption to be slightly less than previously estimated by four lakh bales to total 313 lakh bales.