Cotton import this year is likely to rise by 80 per cent during October 2018 to September 2019 due to short supply of quality material for textile mills, says data compiled by apex industry body, Cotton Association of India (CAI). It forecasts raw cotton import to be at 2.7 million bales (one bale equals 170 kg) for the season, compared to 1.5 million the previous year. Similarly, another industry body, Confederation of Indian Textile Industry (CITI), has estimated total import at 2.4 million bales, says a report.
Trade sources estimate 4.7 million bales of stock in the godowns of CCI, multinational companies, ginners and the Multi Commodity Exchange as of end-March. India’s export is estimated to decline to 4.7 million bales in 2018-19, from 6.9 million last year. Rising prices of Indian cotton have made export uncompetitive, reports added.
