Due to lower average prices for Indian cotton on the global market, cotton exports are predicted to nearly double to 2.85 million bales in the 2023–24 season from 1.55 million bales in the previous crop year, 2022–23, according to the Cotton Association of India (CAI).
In February and March, the price of Indian cotton was significantly lower than that of the worldwide market. Many exports occurred at this time, including 2 million bales to Bangladesh, a bordering country, according to reports quoting CAI president Atul S. Ganatra.
According to him, cotton prices average Rs. 57,500 per candy for the current season, which begins on 1st October, compared to Rs. 62,500 per candy for the previous year.
In the meantime, the CAI Crop Committee’s predicted total production for the 2023–24 season was 32.529 million bales, up from 31.89 million bales the season before. The current forecast for cotton imports is 110,000 bales more than the prior projections. The CAI has lowered its forecast of domestic consumption to 3.13 million bales, a decrease of 400,000 bales.