India will export 70 lakh bales of cotton in the ongoing season amid aggressive demand from countries like Bangladesh, Pakistan and China and also countries like Vietnam, Indonesia and Turkey. Buyers are interested in sourcing cotton from India as they find it cost effective and less expensive compared to other countries.
So far, India has sold 55 lakh bales of cotton, of which 17 lakh bales have been shipped to Bangladesh, followed by 11 lakh bales to Pakistan, ten lakh to Vietnam, seven lakh to China, seven lakh to Indonesia and Taiwan, and three lakh to other countries including Sri Lanka, Turkey and Thailand. India has already shipped nearly 55 lakh bales in the current season and contracts have been signed for another ten lakh bales scheduled for shipment in April-May. India exported 63 lakh bales of cotton last year.
Bangladesh, the world's largest cotton importer, does not have much of its own production and its spinning mills largely depend on imports. India is the largest producer of cotton in the world with 365 lakh bales this year, followed by China, the US, Pakistan and Brazil. The five major consumers of cotton are China, India, Pakistan, Bangladesh and Turkey.