Cotton exports have plunged 95 per cent to 75,000 bales between October 1 and November 15, against 20 lakh bales exported in the same period last year, according to Cotton Association of India. Though cotton prices are falling freely in the international markets, the high minimum support price fixed by the Government has protected the farmers even as demand from textile companies remains subdued.
The International Cotton Advisory Committee has projected a 6 per cent decline in global cotton output to 24.7 million tonnes (mt) in 2008-09, which has put pressure on the prices. The weak rupee has enabled India to export a small quantity even as international prices fell sharply, said a trader.
