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Pre Procured Cotton to Export in Banagladesh from India

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29thbucottonIndia’s state-run Cotton Corp plans to export cotton stocks to Bangladesh that were procured in marketing years 2019-20 (Oct-Sep). Nonetheless, the quantity of exports will be agreed on according to mutual agreement. India has a logistical advantage in exporting to Bangladesh, as it takes the least time for shipments. Annual cotton consumption in Bangladesh is 8.5 million-9.0 million bales of which the country imports around 2.5 million bales from India each year.

Cotton Corp is the nodal Government procurement entity under the minimum support price scheme. So far in the 2019-20 (Oct-Sep) season, the agency has procured around 10.0 million bales. It managed to buy only 900,000 bales in the 2018-19 season as spot prices of the fiber were more than its support prices for most of the season.

Over the current season, which started on Oct 1, exports of around 3.8 million bales have already been shipped and another 1.2 million bales will be exported over the next three-four months.

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