India's cotton exports in 2008-09 seasons are estimated to have plummeted by a whopping 55% to about 38 lakh bales due to higher prices in the domestic market.

According to data, cotton exports stand at about 38 lakh bales for 2008-09.

The country had exported 85 lakh bales in 2007-08 seasons, which runs from October to September.

The Cotton Advisory Board, headed by the Textile Commissioner, in October 2008 had estimated cotton export to be at 75 lakh bales during 2008-09. However, the estimate was later downsized to 50 lakh bales considering poor demand in the overseas market.

Trade experts blamed high domestic prices following a sharp increase in Minimum Support Price (MSP) the main reason for poor export. Recently government announced the export target for the current fiscal year at $17.6 billion, which is 13% higher than that of the previous year.