Cotton exports seen hitting 60 lakh bales in current season

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On cost competitiveness, Indias cotton exports are likely to hit 60 lakh bales (each of 170 kg) for the current season (October 2020-September 2021), said trade body Cotton Association of India (CAI). So far about 60 per cent, or 36 lakh bales, has been shipped since the start of the season.

Indian cotton has been quoted at around Rs 44,000-45,500 per candy (each of 356 kg of processed cotton) during the past couple of months. At this rate, exporters could offer a 10 per cent discount to the international prices, which hovered at around 85.60 cents per pound. CAI, in its latest crop outlook for March, stated that Indias cotton imports will be around 12 lakh bales for the year, which is lower by about 2 lakh bales from the earlier estimated nearly 14 lakh bales for the season. The likely drop is attributed to the recent hike in import duty on the long-staple variety, said a report.