India's cotton exports likely to double to 28.50 lakh bales in 2023-24 season: CAI

Mumbai: Cotton exports are expected to almost double to 28.50 lakh bales in the 2023-24 season against 15.50 lakh bales in the previous crop year 2022-23, as the average prices of Indian cotton were cheaper in the world market, Cotton Association of India (CAI) said on Tuesday.

"Indian cotton was ruling at a much cheaper rate during February-March compared to the global market. During this period, a lot of exports took place, including 20 lakh bales to neighbouring Bangladesh," CAI president Atul S Ganatra told PTI.

He said that for the current season, which starts from October 1, the average rate of cotton is Rs 57,500 per candy, while in the previous year, it was Rs 62,500 per candy.

Meanwhile, the total production estimated by the CAI Crop Committee for the season 2023-24 stood at 325.29 lakh bales compared to 318.90 lakh bales in the previous season.

The cotton imports are now projected at 1.10 lakh bales higher than the previous estimates.

CAI has reduced its domestic consumption estimate by 4 lakh bales to 313 lakh bales.