Apr 27, 2024 (MENAFN via COMTEX) --
(MENAFN - KNN India) New Delhi, Apr 26 (KNN) According to the latest estimates from the Cotton Association of India (CAI), the apex trade body, India's cotton exports during the October-March period of the 2023-24 season jumped a staggering 137 per cent to 18 lakh bales compared to just 7.59 lakh bales exported in the same six-month period last year.
This sharp spike in exports during the first half of the current season is particularly notable when compared to India's total cotton exports of 15.59 lakh bales for the entire 2022-23 season that ended in September 2023.
The massive 137 per cent year-over-year increase in exports from October 2023 to March 2024 can be attributed to several factors according to trade experts.
Indian cotton prices remained very competitive on the global market for a large portion of this period, making Indian supplies an attractive option for overseas buyers.
CAI President Atul Ganatra noted that for some time Indian cotton prices were lower by Rs 3,000-4,000 per candy compared to prevailing international prices based on the Cotlook Index benchmark.
However, the CAI cautioned that with global cotton prices easing in recent weeks, the pricing advantage for Indian supplies has now neutralised.
Indian cotton is currently priced at par or slightly higher than global benchmarks.
Even with exports expected to moderate in the coming months, CAI still projects India's total cotton exports for the full 2023-24 season to surpass 22 lakh bales, well above last season's 15.59 lakh bales.
(KNN Bureau)
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COMTEX_451498179/2604/2024-04-27T01:35:39
