Australia's cotton exports to India had surged during 2022 while the trade pact was being negotiated. Nevertheless, these numbers declined in the current year once the pact came into effect. Cotton exports fell by 45.11 per cent in the first eight months of 2023, down from $195.393 million in January to August 2022. During the same period in 2022, outbound shipments had skyrocketed by 388.32 per cent compared to 2021 when exports were only $40.013 million. In terms of quantity, Australia exported 51.224 million kg of cotton in January to August 2023, with an average price of $2.09 per kg, as per trade data obtained from Fibre2Fashion's market insight tool TexPro.
On an annual basis, cotton shipments were valued at $247.917 million in 2022, with a quantity of exported cotton and an average price of 92.227 million kg and $2.69 per kg, respectively, during the corresponding period in 2022. Last year, cotton prices soared to more than ₹112,000 per candy of 356 kg in the Indian market. ICE cotton prices witnessed a record price increase due to robust global demand and limited production.
However, Australia's cotton exports to India remained insignificant in previous years. India is not only a major textile exporter but also one of the prominent cotton producers globally. In contrast, Australia is a major cotton producer and exporter but relies on garment and textile product imports from other countries.
According to TexPro, Australia had exported 31.699 million kg of cotton valued at $62.301 million in 2021, with an average price of $1.97 per kg. Earlier, cotton exports to India stood at $10.078 million (5.596 million kg, $1.80/kg) in 2020 and $30.955 million (16.712 million kg, $1.85/kg) in 2019.
ALCHEMPro News Desk (KUL)
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