Mumbai, October 31 (CommoditiesControl): India's cotton production for the 2023-24 season is forecasted to hit a 15-year low at 29.51 million bales, raising concerns about the impact on the textile industry.
The Cotton Association of India (CAI) has announced that India is expected to produce approximately 29.51 million bales of cotton during the 2023-24 marketing season, marking the lowest production in 15 years. This decline is attributed to reduced planting, largely influenced by the El Nino effect.
It may be noted that the cotton marketing season spans from October to September, with one bale equivalent to 170 kg.
This estimate reflects a 7.49% reduction from the 31.89 million bales produced during the 2022-23 marketing season and falls below the government's projection of 31.65 million bales for 2023-24.
According to the CAI's initial assessment, this marks the lowest cotton crop in India since the 2008-09 season. Factors contributing to this decline include a 5.5% decrease in the total area cultivated with cotton and an anticipated yield drop of up to 20% due to unfavorable weather conditions associated with El Nino.
The CAI's regional projections for the 2023-24 season include 8.5 million bales from Gujarat, 7.6 million bales from Maharashtra, 3 million bales from Telangana, 1.85 million bales from Karnataka, 1.8 million bales from Madhya Pradesh, and 1.6 million bales from Haryana.
As of October 1, the opening stock is reported at 2.89 million bales, with estimated cotton imports of 2.2 million bales and exports of 1.4 million bales during the 2023-24 season.
Domestic demand for cotton in 2023-24 is expected to be around 31.1 million bales, leaving a surplus of around 3.5 million bales, as per the CAI's assessment.
(By CommoditiesControl Bureau; +91-9820130172)
0 Comments 
Post Comment 
