The Cotton Association of India (CAI) predicts that cotton exports from the country will increase by around 27 per cent to 28 lakh bales during the 2023-24 crop year, ending in September. This estimation exceeds the 22 lakh bales exported during the preceding 2022-23 crop season.
AS per Atul Ganatra, President of CAI, the demand for Indian cotton has risen as prices stayed 8-10 per cent lesser than international prices from December 2023 to March 2024. Major export destinations are Bangladesh, China, and Vietnam.
For now, CAI has retained its estimation for India’s cotton production for 2023-24 at 309.70 lakh bales, the same as the earlier projection but lower than the 318.90 lakh bales produced previous season.
The complete cotton supply until the end of April 2024 is projected at 315.86 lakh bales, including domestic production, imports of 5 lakh bales, and an opening stock of 28.90 lakh bales.
Domestic cotton use until April 2024 is projected at 192.50 lakh bales, whereas exports are predicted at 21.50 lakh bales.
The finished stock for April is predicted at 101.86 lakh bales, with textile mills having 40.50 lakh bales and the left over being scattered among the Cotton Corporation of India, Maharashtra Federation, multinational companies, traders, and others.
For the complete 2023-24 season, CAI keeps its total cotton supply estimation at 359 lakh bales, comprising of imports of 20.40 lakh bales, showcasing an addition of 7.90 lakh bales, In comparison to the preceding year.
