India to export 2.5 million bales of cotton by Feb 25

New Delhi, Dec 30 (IANS) India will export 2.5 million bales of cotton by Feb 25, 2011 as prices have almost doubled in the international market within a year, Commerce Secretary Rahul Khullar said Thursday.

‘Out of the 55 lakh (5.5 million) bales of exportable surplus, 30 lakh (3 million) bales have already gone. For the remaining 25 lakh (2.5 million) bales, the export will start from Jan 11,’ Khullar told reporters here.

An Indian bale weighs 375 pounds or 170 kg.

The Directorate General of Foreign Trade has issued a circular and will accept online application for the second batch of cotton export Dec 31-Jan 6.

He said the last date of export would be Feb 25, 2011. ‘If any particular trader fails to export the stipulated amount within the time frame, he or she will be penalised,’ Khullar said.