India's cotton exports may rise 27% to 28 lakh bales in 2023-24 season: CAI

Mumbai: The Cotton Association of India (CAI) on Saturday estimated cotton exports to rise about 27 per cent to 28 lakh bales during the 2023-24 crop year ending September.

In the 2022-23 crop season (October-September), cotton exports were at 22 lakh bales, CAI said. One bale is equal to 170 kilograms.

"The demand for Indian cotton went up as the prices ruled 8-10 per cent lower than the international prices during December 2023 till March 2024. Our cotton is mainly exported to countries like Bangladesh, China and Vietnam," CAI President Atul Ganatra told PTI.

Meanwhile, CAI pegged the cotton production for 2023-24 at 309.70 lakh bales, the same as estimated in the previous month. The production is however expected to be lower than the previous season's 318.90 lakh bales.

The total cotton supply till the end of April 2024 is estimated at 315.86 lakh bales, which consists of pressing at 281.96 lakh bales, import of 5 lakh bales and the opening stock of 28.90 lakh bales.

The estimated cotton consumption till April 2024 is 192.50 lakh bales while export is pegged at 21.50 lakh bales.

The stock at the end of April is estimated at 101.86 lakh bales. This includes 40.50 lakh bales with textile mills, which is over 45 days consumption and the remaining 61.36 lakh bales with Cotton Corporation of India, Maharashtra Federation and others (MNCs, MCX, traders, ginners, among others) including cotton sold but not delivered.

The CAI has also retained its total cotton supply estimate at 359 lakh bales for 2023-24 season. This consists of the opening stock of 28.90 lakh bales, an estimated cotton pressing number of 309.70 lakh bales and imports of 20.40 lakh bales.

Cotton import estimated for the season is higher by 7.90 lakh bales compared to last year, CAI added.