The USDA has projected India’s cotton production for the upcoming season at 37.8 million bales. The Indian textile industry says a lot of it depends on the southwest monsoon.
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Bangladesh’s cotton import is expected to touch 7.1 million bales in 2017-18, further consolidating its position as the world’s largest importer of the fibre, according to the United States Department of Agriculture.
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.
India’s cotton import has soared above 20 lakh bales thanks to skyrocketing cotton prices. While Cotton Advisory Board (CAB) had projected imports of around 15 lakh bales during 2015-16, trade and industry officials opine that imports have already crossed 20 lakh bales.