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Wednesday, June 26, 2024

India’s 2023-24 cotton season output forecast to reduce by 8%

In its latest estimates, the Cotton Association of India (CAI) has projected India’s cotton output to decline by around 8 percent over the previous season to 294.10 lakh bales of 170 kg each in the 2023-24 season.

The fall is primarily due to the infestation of pink ball worms in the northern states of India, while yield in south and central India will be impacted due to zero rains for 45 days between August and September.

CAI has projected the total supply till the end of November 2023 at 92.05 lakh bales, which consists of an opening stock of 28.90 lakh bales at the beginning of the season, arrivals of 60.15 lakh bales, and imports of 3 lakh bales.

The cotton association has estimated cotton consumption up to the end of November 2023 to be 53 lakh bales, and exports up to November 30 are projected to be 3 lakh bales.

Stocks at the end of November are forecast at 36.05 lakh bales, including 27 lakh bales with textile mills and the remaining 9.05 lakh bales with several state cotton agencies and ginners traders and ginners.

CAI has retained its total cotton supply till the end of the cotton season 2023-24, which ends on September 30, 2024, at 345 lakh bales.

As per CAI data, the total cotton supply is made up of opening stock of 28.90 lakh bales at the beginning of the 2023-24 season, cotton pressing numbers forecast for the season at 294.10 lakh bales, and imports estimated at 22 lakh bales.

The association has forecasted imports for the ongoing season to be higher by 9.50 lakh bales compared to the earlier season.

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