The Committee on Cotton Production and Consumption, which met on November 6, 2023, estimated Indian cotton production for the current season (October 2023 to September 2024) at 316.57 lakh bales (170kg/bale), 20.03 lakh bales lower than 336.60 lakh bales in 2022-2023.
APPAREL AND TEXTILE PRODUCTION WITNESS STEEP DECLINES FOLLOWING DROP IN EXPORT ORDERS:
– Total expected consumption of textile mills to be 294 thousand bales compared to 295 thousand bales last season.
– Exports are likely to be 25 lakh bales and imports 12 lakh bales.
Production is expected to be lower in the central (Gujarat, Maharashtra and Madhya Pradesh) and southern regions (Telangana, Andhra Pradesh, Karnataka and Tamil Nadu).
COMMENTS:
– “Cotton production is affected by pink bollworm and inadequate monsoon.” – Atul Ganatra (chairman of the Indian Cotton Association).
– “The main issue this year will be demand and not supply. The daily arrivals to the market at present is 70,000 to one lakh bales. Indian cotton prices are on par with the international prices, but if international prices decline, Indian cotton will becomes expensive, and will have a deeper impact on the domestic textile industry.” – Nishant Asher (secretary of Indian Cotton Federation (ICF))
– “Global cotton production 2023-2024 is expected to be 3% higher (25.42 million tons), consumption 0.43% lower (23.35 million tons), thus resulting in global stocks seeing 10% jump.” – The International Cotton Advisory Committee said in a press release dated November 1.
– “Cotton prices will remain low because global demand for textiles and clothing is very low.” – J. Thulasidharan, president of ICF.
Price of cotton variety Shankar-6 on Monday, November 7: Rupees 56,500/candy. Cotton Corporation of India Chairman and Managing Director Lalit Kumar Gupta: “Price is subject to many factors, including domestic and international inventory.” And its officials were present at all procurement centers and will ensure that farmers get the minimum support price
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