The Cotton Corporation of India (CCI), which is holding surplus stocks of cotton just ahead of the next harvest season, is trying to boost exports of the fiber crop. The corporation is working out on a memorandum of understanding to export 1.5-2 million bales of cotton to Bangladesh besides setting up own warehouse in Vietnam.
The corporation had procured nearly a third of India’s 2019-20 cotton output. Of the 12.1 million bales it had procured, along with its agent Maharashtra State Cooperative Marketing Federation, it has been able to sell 900,000 bales in the present cotton season, which ends on September 30.
To increase exports to Vietnam, the corporation is looking for a warehouse to facilitate transport and easy availability of our cotton to buyers in Vietnam. The CCI has now started offering discounts on bulk purchases to domestic buyers, as the country is looking at yet another bumper production thanks to good progress of monsoon rainfall. It sold 700,000 bales of cotton last week.