In a recent projection by the Cotton Association of India (CAI), it has been estimated that the total cotton supply in the country for the 2023-24 cotton season will amount to 345 lakh bales, each weighing 170kg. Additionally, CAI maintained its previous forecast for cotton pressing at 294.10 lakh bales for the same season.
CAI predicts that the total consumption of cotton during this period will reach 311 lakh bales. However, it is noteworthy that Gujarat, the largest cotton-producing state in India, is expected to witness a decline in its cotton production. Last year’s output of 85 lakh bales is anticipated to decrease by approximately 9 lakh bales.
The November estimates released by CAI indicate that the total supply until the end of November 2023 is estimated to be 92.05 lakh bales. This includes 60.15 lakh bales from market yard arrivals, 3 lakh bales from imports, and an opening stock of 28.90 lakh bales. Moreover, cotton consumption until the end of November is projected to be 53 lakh bales, while exports during this period are expected to amount to 3 lakh bales.
Looking ahead, CAI forecasts that cotton consumption for the entire 2023-24 season will reach 311 lakh bales. As for Gujarat, its cotton supply is anticipated to be around 85 lakh bales for the current year, compared to approximately 94 lakh bales in the previous season.
Overall, these estimates provide valuable insights into the cotton industry in India for the coming year, helping stakeholders make informed decisions.
