India to export 65-70 lakh bales of cotton in 2017-18 : CAI
India will export 65-70 lakh bales of cotton in the ongoing cotton season 2017-18 (October-September) amid aggressive demands from neighbouring Countries like Bangladesh, Pakistan and China, said an official recently.
Atul Ganatra, President, Cotton Association of India (CAI), said that apart from the neighbouring Countries, India has also been receiving demands for cotton from several other countries, including Vietnam, Indonesia and Turkey.
According to the CAI, India had exported 63 lakh bales of cotton last year. Each bale has nearly 170 kg of cotton.
Foreign buyers are interested in sourcing cotton from India as they find it cost effective and less expensive in comparison to other countries, said Ganatra.
India has already shipped nearly 53-55 lakh bales in the current season and contracts have been signed for another 8-10 lakh bales scheduled for shipment in May.
According to him, Indian cotton exports would reach 65 lakh bales by May-end as Bangladesh, the World's largest cotton importer, does not have much of its own production and its spinning mills largely depend on imports.
"In the early six months of this cotton production and marketing season 2017-18 (October-March), India has sold 55 lakh bales of cotton, of which 17 lakh bales have been shipped to Bangladesh followed by 11 lakh bales to Pakistan, 10 lakh to Vietnam, seven lakh to China, 7 lakh to Indonesia and Taiwan, and 3 lakh to other countries including Sri Lanka, Turkey and Thailand, among others," the CAI chief told.