Gondal (Gujarat), Feb 18: India's cotton export will fall below the estimates due to sluggish demand across global markets.
Export has been hit in Saurashtra as major importers like China, Turkey, Peru and Egypt decided to slash their imports. Only 5.3 lakh bales have been shipped offshore out of 9.5 lakh bales.
The ginning units in towns like Gondal, Jasdan, Padhdhari Dhoraji and Vichhiya are hit by recession, as many bales are lying stored in their godown.
In 2008, China bought about 60 percent of the total Indian cotton export, but this year it has marginalized its contracts and is buying from internal traders due to higher prices in India.
" Our biggest exporter China hasn't yet bought in the year 2009. China feels that our prices are very high but is buying from other sources," said Bharat Wala, cotton exporter.
"We still have 2,500 cotton bales in our factory ready to get exported but we don't have the buyers which wasn't the case last year. We aren't getting the right pries for selling too. We are running this cotton factory for the past 11 years and we haven't ever seen such a slump," said Rajesh Yadav another exporter.