The Cotton Association of India predicets, India’s cotton production will decline by 4 lakh bales to 356 lakh bales during the 2020-21 season, reports Textile Beacon. Total supply till end of the 2020-21 season is estimated to be 477.50 lakh bales, including opening stock of 107.50 lakh bales, crop at 356 lakh bales and imports at 14 lakh bales. Domestic consumption is estimated to be 330 lakh bales, while cotton export will of about 60 lakh bales.
In October this year, India’s cotton exports surged by four times in volume to 6.84 lakh bales worth $170 million or Rs 1,238 crore. Bangladesh was the largest market for Indian cotton export during October, followed by China and Vietnam.
Export price realization for cotton averaged Rs 106 a kg or US cents 66.50 per pound during October. This was below Cotlook A index, the global spot price benchmark also compared with domestic spot price for benchmark Gujarat Shankar-6. During the month, Cotlook averaged $75.51 per pound and Shankar-6 at US cents 68.33 per pound, making Indian cotton more competitive in global market.
Bangladesh was the largest importer of Indian cotton with imports at an average prices of US cents 68.56 per pound in October 2020 as against US cents 75.97 per pound a year ago.