India’s cotton exports on the rise in 2023-24 crop year: CAI

India's cotton exports are experiencing a significant boost for the 2023-24 crop year, driven by increased demand from countries like Bangladesh and Vietnam. As per the Cotton Association of India (CAI), exports are expected to reach approximately 80 per cent of the total estimated production of 28 lakh bales (170 kg each).

The country's cotton consumption for the year is estimated at 317 lakh bales, with 291 lakh bales consumed by the end of August. The higher demand has led to a surge in cotton pressing, with the estimated figure for 2023-24 reaching 323.03 lakh bales, up from the previous estimate of 317.70 lakh bales.

However, cotton acreage in India has declined compared to the previous year, primarily due to reductions in Gujarat, Maharashtra, Telangana, Rajasthan, Punjab, and Haryana. Despite this, states like Karnataka and Odisha have witnessed marginal increases in cotton cultivation.

The CAI president, Atul Ganatra, expressed optimism about the cotton industry's performance, citing the strong export demand and increased pressing figures. However, as the crop year progresses it will be crucial to monitor the impact of reduced acreage on overall cotton production and supply.