In the meantime, the CAI predicted that 309.70 lakh bales of cotton will be produced in 2023–2024—the same amount as predicted the month before.
India’s 2023–24 season cotton exports could increase by 27% to 28 lakh bales: CAI
CAI
The Cotton Association of India (CAI) predicted on Saturday that during the 2023–24 crop year, which ends in September, cotton exports would increase by almost 27% to 28 lakh bales.
According to CAI, cotton exports for the 2022–2023 crop season (October–September) totaled 22 lakh bales. 170 kg is equal to one bale.
The increase in demand for Indian cotton occurred from December 2023 to March 2024, when prices were 8–10% lower than those of other countries. Vietnam, China, and Bangladesh are the top destinations for our cotton exports,” CAI President Atul Ganatra told PTI.
In the interim, The cotton output estimate for 2023–2024 was set by CAI at 309.70 lakh bales, which was also the previous month’s projection. But, compared to the 318.90 lakh bales produced in the previous season, the production is anticipated to be lower.
An anticipated 315.86 lakh bales of cotton will be produced by the end of April 2024; this amount includes 5 lakh bales of imports, 281.96 lakh bales from pressing, and 28.90 lakh bales from opening stock.
Up to April 2024, 192.50 lakh bales of cotton are expected to be consumed, with 21.50 lakh bales expected to be exported.
By the end of April, 101.86 lakh bales are projected to be in stock. This comprises 61.36 lakh bales with Cotton Corporation of India and 40.50 lakh bales with textile mills, which is exceeding 45 days’ consumption.
Cotton sold but not delivered by India, Maharashtra Federation, and other parties (MNCs, MCX, dealers, ginners, etc.).
Additionally, the CAI has maintained its projection of 359 lakh bales of cotton for the 2023–2024 season. This comprises of 28.90 lakh bales of opening stock, 309.70 lakh bales of expected cotton pressing number, and 20.40 lakh bales of imports.
According to CAI, the season’s projected import of cotton is 7.90 lakh bales greater than it was the previous year.
Account opning link:
- Groww Account- https://app.groww.in/v3cO/kyrp1zph
- Kotak neo Account https://kotaksecurities.ref-r.com/c/i/32531/109103906
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