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17 March 2010 at 17:00 IST
India’s cotton exports likely to rise this year
NEW DELHI (Commodity Online): India, the second largest producer of cotton in the world, is expected to export around 6.5 million to 6.75 million bales in the marketing year through September 2010, said the Confederation of Indian Textile Industry (CITI) official.
This year, the country cotton production may touch 30 million bales, up from 29 million bales in the last year. Cotton exports from India in the previous were severely hit by global economic crisis. Last year the exports fell by 60% to 3.5 million bales.
Meanwhile, the prices of cotton are likely to surge in line with the demand. The prices surged to 25% so far since October 1 and it is expected soar further in the coming months due to the higher domestic and overseas demand for the commodity, said an industrial official.
At present, the widely-traded Shankar variety is currently quoting around at Rs 28,000 per candy, compared with Rs 22,400 on September 30. One candy equals 356 kilograms. The prices may go up by 2% from current level in the next two months, the official added.
China is the biggest importer of Indian cotton, accounting for more than 70% of shipments, followed by Pakistan, Bangladesh and Thailand.
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