India could ban cotton export as prices double in less than a year

Cotton prices have reached new highs in Indian markets at around 46,000 rupees per candy. Cotton prices doubled last year. On world markets, prices jumped 6%.

On a monthly basis, cotton prices increased by 12%. This year there has been a jump of 35% and over the last 12 months prices have appreciated by around 75%.

World cotton production for 2021-2022 was around 26.52 million bales, but world consumption was nearly 27 million bales. So there was a small deficit.

For Indian markets, there are statements from the textile sector that there may be a need for temporary cotton export bans or other restrictions.

India in recent days removed the 10% import duty until September when the new cotton crop starts to hit the market. The new cotton crop is a bit of a concern due to the heat wave and lower cotton yields which also contributed to price upselling.

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