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Indian cotton exporters have cancelled orders for around 25,000 bales and postponed shipments of about 200,000 bales by up to a month after a supply shortage pushed up local prices, industry officials told Reuters. 

The move by the world's biggest cotton producer is likely to help rival suppliers like Brazil, the United States and some African countries boost exports, with some India textile mills even starting to import cheaper fibre from overseas. "Exporters had signed contracts at around 75 % (per lb) in December and January. Now (local) prices have shot up to 84 cents. They could not fulfil the orders," said an exporter based in Mumbai, adding that contracts to export nearly 25,000 bales to Pakistan and Bangladesh have been cancelled.