The Cotton Association of India (CAI) has reported a remarkable 137% increase in cotton exports during the first half of the 2023-24 season. From October 2023 to March 2024, India exported approximately 1,945,394 bales, a significant rise from the 759,234 bales shipped during the same period the previous year.
This surge is especially notable compared to the total exports of 1,589,016 bales for the entire 2022-23 season which ended in September 2023. CAI forecasts the exports of cotton to be slightly over 22 lakh bales in the marketing year 2023-2024, compared to the exports of 2022-2023-15.59 lakh bales, with a forecast rise of over 41%.
Several factors have contributed to this dramatic increase in exports. Indian cotton remained highly competitive in the global market for much of this period, attracting substantial interest from international buyers. According to CAI President Atul Ganatra, there were times when Indian cotton prices were as much as Rs 3,000-4,000 per candy cheaper than those listed on the Cotlook Index, a global benchmark.
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Although international prices are slowly expected to roll down to be on the range somewhat equal to that of Indian cotton prices, exports are still anticipated to inch higher than the exports observed in 2022-2023.
Senior Lead Analyst
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