According to foreign reports, with the surge in global market demand, India’s cotton exports may increase by 30% to 650,000 bales.
Indian cotton exports are likely to grow by about 30% in the current year (October 2020 to September 2021) as rising global prices make Indian cotton competitive.
Agarwal, chairman and president of Cotton Corporation of India (CCI), said that India’s cotton exports may reach 6.5-7 million bales (170 kg each), compared with 5 million bales in the previous year. Indian cotton remains the cheapest in the world, with good demand from Pakistan, Bangladesh, Vietnam and China, among others. Meanwhile, lower US production is also seen as a boon for Indian exporters.
The National Cotton Council (NCC) said that as demand recovers, cotton prices are expected to remain strong this year, the global economy is recovering at a faster rate, and factories are buying more cotton.
Indian traders said that under the current global market conditions, India can easily export more than 6.5 million bales. By the end of January, at least 3 million bales had been exported, and as of this month, another 200,000-300,000 bales may have been exported. CCI is expected to export a large amount of cotton this year through the open market and global tenders, and CCI’s total export volume may be around 1 million bales.
CCI said that so far, CCI has sold 2 million bales, and there are still 700,000 bales in stock. One hurdle for cotton exports may be ongoing container issues, but traders and exporters expect the situation to improve from April. </p
