India has already begun to import cotton. In December, already about 3 lakh bales of cotton have been imported. This year as arrival of cotton has fallen post the note-ban and farmers are not selling cotton in a big way as they prefer to deal in cash, the prices of the commodity have firmed up to Rs 39,000 per candy of 355 kg in the domestic market.
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India expects to produce 35.1 million bales (170 kg) this season beginning in October. India’s official body, Cotton Advisory Board met in Mumbai and decided on this year’s first estimate of cotton production.
Cotton consumption this year will be the highest in six years. Total global consumption will be about 112 million bales (480 lbs each).