Indian Cotton Exports Soar: Projections Reach 22-25 Lakh Bales for 2023-24 Season

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March 20, 2024 Indian cotton exports have witnessed a remarkable surge in the 2023-24 season, driven by competitive pricing and increased demand from global markets like Bangladesh, China, and Vietnam. With projections now reaching 22-25 lakh bales, this uptrend underscores India's growing prominence as a key player in the global cotton trade.

Highlights

Cotton Exports Surge: Exports of cotton from India have increased significantly in the 2023-24 season, with projections reaching 22-25 lakh bales. This surge is attributed to attractive Indian cotton prices compared to international rates.

Increased Shipments: Exports during the first five months of the season were on par with the entire previous marketing season, totaling 15 lakh bales. Shipments primarily target countries like Bangladesh, China, and Vietnam.

Revised Export Projections: The Cotton Association of India (CAI) has revised its export projections upward to 22 lakh bales, with the possibility of reaching 25 lakh bales for the current season.

Price Competitiveness: Indian cotton prices were lower by approximately ₹4,000-5,000 per candy compared to international prices, particularly during the December-February period, attracting overseas buyers.

Increased Production Estimates: Production estimates for the ongoing marketing season of 2023-24 have been revised upwards by about 5% to 309.70 lakh bales, though still lower than the previous season's production of 318.9 lakh bales.

Regional Crop Adjustments: Crop estimates have been adjusted in various states, including Rajasthan, Gujarat, Maharashtra, Telangana, and Karnataka, contributing to the overall increase in production projections.

Consumption and Stock Figures: Cotton imports stood at 4 lakh bales, with consumption estimated at 137.50 lakh bales by the end of February. Stocks with mills and various entities are projected, indicating a relatively tight balance sheet.

Revised Consumption Estimates: Cotton consumption for the 2023-24 season has been revised upwards by 6 lakh bales to 317 lakh bales due to increased offtake by domestic mills.

Closing Stock Projection: Closing stocks for the season ending September 2024 are projected at 20 lakh bales, suggesting a very tight balance sheet.

Conclusion

The impressive growth in Indian cotton exports for the 2023-24 season, fueled by attractive pricing and strong demand, marks a significant milestone for the country's textile industry. With revised projections touching 22-25 lakh bales, India is poised to maintain its position as a leading supplier in the international market. However, the tight balance sheet and upward revisions in consumption and production estimates highlight the need for continued vigilance and strategic management to ensure sustainable growth and stability in the cotton sector.


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