India to export 80 lakh cotton bales in 2011/12 season, says CAB

India’s Cotton Advisory Board (CAB) projects that the country will export 80 lakh (1 lakh equals 100,000) bales of cotton (of 170kg each) in the 2011-12 cotton season, according to a report of Indian daily newspaper The Hindu Business Line.

This estimate was made after the CAB reviewed the cotton balance sheet on November 15, India’s Minister of State for Textiles Panabaka Lakshmi is quoted as saying.

In the immediately past 2010-11 season, India’s cotton exports are estimated to stand at 70 lakh bales.

As far as output is concerned, India is estimated to produce 356 lakh bales in the current cotton season, compared to 325 lakh bales last season.

The consumption of cotton at domestic mills is projected to be 210 lakh bales this season, down from 240 lakh bales last season. This indicates a slowdown in the textile industry, The Hindu Business Line reports.

In September this year, the Indian Government removed restrictions on the export of cotton and permitted shipments under the Open General License.

Ms Lakshmi is also quoted as projecting India’s cotton yarn production to drop from 39,000 lakh kg last year to 32,000 lakh kg during the 2011-12 fiscal year, with reference to India’s cotton Yarn Advisory Board.

The Indian newspaper remarks that the Indian Government removed the restrictions on cotton yarn exports for 2011-12 fiscal year on March 31 this year, and before that, cotton yarn exports were capped at 7,200 lakh kg for the 2010-11.

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India to export 80 lakh cotton bales in 2011/12 season, says CAB