India’s cotton exports is expected to drop 41 percent to a five-year low of 7 million bales this crop year ending September as top consumer China curbs purchases, a government official said. The prior export forecast was 9 million bales for this season.
The world's biggest producer and seller, India is also lowered the production estimate to 39 million bales this crop year from the previous forecast of 40 million bales made in October as yields suffered due to poor rains around the planting period late last year.
Domestic cotton demand is expected to rise about 7% to 32 million bales this crop year.