Cotton Exports From India Projected To Rise 27% In 2023-24
Date
5/13/2024 4:25:53 AM
(MENAFN- KNN India) New Delhi, May 13 (KNN) The Cotton Association of India (CAI) has estimated that cotton exports from the country will increase by around 27 percent to 28 lakh bales during the 2023-24 crop year ending September.
This is higher than the 22 lakh bales exported in the previous 2022-23 crop season.
According to CAI President Atul Ganatra, the demand for Indian cotton went up as prices ruled 8-10 percent lower than international prices from December 2023 to March 2024. Major export destinations include Bangladesh, China, and Vietnam.
Meanwhile, CAI has pegged India's cotton production for 2023-24 at 309.70 lakh bales, same as the previous estimate but lower than the 318.90 lakh bales produced last season.
The total cotton supply until the end of April 2024 is estimated at 315.86 lakh bales, comprising domestic production, imports of 5 lakh bales, and an opening stock of 28.90 lakh bales.
Domestic cotton consumption until April 2024 is estimated at 192.50 lakh bales, while exports are pegged at 21.50 lakh bales.
The ending stock for April is projected at 101.86 lakh bales, with textile mills holding 40.50 lakh bales and the remaining with the Cotton Corporation of India, Maharashtra Federation, multinational companies, traders, and others.
For the full 2023-24 season, CAI has retained its total cotton supply estimate at 359 lakh bales, including imports of 20.40 lakh bales, higher than the previous year by 7.90 lakh bales.
(KNN Bureau)
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