India’s cotton exports in the first nine months of marketing year 2023-24 were up 68 per cent at 26 lakh bales of 170 kg each compared with 15.50 lakh bales during the same period a year ago. Higher surplus coupled with demand from countries such as Bangladesh and Vietnam among others has led to a surge in exports of the Indian fibre crop.
According to the Cotton Association of India (CAI)’s balance sheet as of end-June, the closing stocks at the end of the crop year 2023-24 are estimated to be 20 lakh bales against 28.90 lakh bales in the previous year.
CAI has estimated the demand at 317 lakh bales over 311 lakh bales last year. Supplies during the year are pegged at 363 lakh bales(355.40 lakh bales last year). The supplies of 363 lakh bales include the opening stock of 28.9 lakh bales and imports of 16.40 lakh bales. Imports during the previous year stood at 12.5 lakh bales.
CAI said cotton stocks at the end of June 2024 are estimated at 77.29 lakh bales of 170 kgs each including 40 lakh bales with textile mills which is about 46 days consumption. The remaining 37.29 lakh bales are with CCI, Maharashtra Federation and others (MNCs, MCX, traders, ginners, etc.) including cotton sold but not delivered. The CAI has retained its yearly balance sheet as estimated previously.