The Cotton Association of India (CAI) has projected that cotton exports for the 2023-24 season will nearly double to 28.50 lakh bales, up from 15.50 lakh bales in the previous crop year of 2022-23. This increase is attributed to the competitive pricing of Indian cotton in the global market. CAI President Atul S. Ganatra noted that Indian cotton prices were significantly lower during February and March, leading to increased export activity, including shipments of 20 lakh bales to neighboring Bangladesh.
For the current season, which commenced on October 1, the average price of cotton is estimated at Rs 57,500 per candy, compared to Rs 62,500 per candy in the previous year.
Additionally, the CAI Crop Committee has estimated total cotton production for the 2023-24 season at 325.29 lakh bales, an increase from 318.90 lakh bales in the prior season. Cotton imports are also projected to rise by 1.10 lakh bales compared to earlier estimates.
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