Total cotton exports from India, the world's largest producer and second-biggest seller, stood at 9.9 million bales in the last year crop year (October-September).

"There is no possibility of export right now as demand is not there. We have exported around 4.5 million bales of cotton so far. I don't think more than 7 million bales will be exported in this crop year," a senior official of state-run CCI told reporters.

One bale contains 170 kg of cotton. Exports have slowed down due to higher world stockpiles
and sharp decline in demand from China, the official cited.

The record volume of cotton stocks has put downward pressure on international cotton prices, which have averaged around 68-70 cents per pound for much of the season, said global body International Cotton Advisory Committee, in its recent report.

The CCI, which procures cotton at government set price from farmers, urged it has procured 8.69 million bales of cotton at the support price as against the target of 9 million bales in the 2014-15 crop year.

The Cotton Advisory Board has pegged the country's total cotton production at over 40 million bales in the 2014-15 crop year, as against 39.8 million bales in 2013-14.

Latest News  from Business News Desk