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India's cotton exports to fall

India's cotton exports are expected to fall by 29 per cent in the ongoing crop year. The country has exported only 4.5 million bales of cotton so far. Exports have slowed down due to higher global stockpiles and a sharp decline in demand from China.

Total cotton exports from India, the world’s largest producer and the second biggest seller, stood at 9.9 million bales in the last crop year. The record volume of cotton stocks has put downward pressure on international cotton prices. The Cotton Corporation of India, which procures cotton at government set price from farmers, has procured 8.69 million bales of cotton at the support price as against the target of nine million bales in the 2014-15 crop year.

Cotton procurement has been stopped now as domestic prices have improved and arrivals have also tapered down. Cotton prices have increased by Rs 1,000 to Rs 1,500 per candy. CCI is offloading cotton at different rates depending on variety. Since it is a huge quantity, the sale would continue up to September. The country’s total cotton production has been pegged at over 40 million bales in the 2014-15 crop year as against 39.8 million bales in 2013-14.