Trade body Cotton Association of India (CAI) has estimated the closing stocks of the natural fibre crop for the season-ending September 2024 at 30.19 lakh bales (of 170 kg each), marginally higher than 28.90 lakh bales a year ago.
CAI, which finalised the cotton balance sheet for the crop year 2023-24 on Monday, has estimated the consumption during 2023-24 at 313 lakh bales, marginally higher than 311 lakh bales. a year ago.
Imports rise
An estimated 325.29 lakh bales were pressed during the year, which is higher than 318.9 lakh bales a year ago. The cotton pressing estimates were revised upwards from the earlier projections of 323.02 lakh bales.
Imports of the fibre rose to 17.50 lakh bales during 2023-24, an increase of 5 lakh bales over 12.5 lakh bales a year ago, CAI said in a statement. The higher imports boosted the overall supplies to 371.69 lakh bales during the year, including the opening stock of 28.90 lakh bales.
Exports during the year were estimated at 28.50 lakh bales, an increase of 84 per cent over 15.50 lakh bales a year ago on higher demand from countries such as Bangladesh and Vietnam.
For the current 2024-25 cropping season, the acreage is down by 11 lakh hectares (lh) at 112.76 lh compared with the previous year’s 123.71 lh with farmers shifting to other lucrative crops.