The Committee on Cotton Production and Consumption (CCPC), a governmental body comprising various stakeholders in the textile industry including farmers, has recently released estimates indicating positive trends in cotton production, export, and consumption for the current season (October 2023-September 2024) in India. Here's a summary of the key points from the news:
Higher Crop Estimate the CCPC has raised its estimate for cotton production for the current season to 323.11 lakh bales (of 170 kg each), compared to the earlier estimate of 316.57 lakh bales. This is in alignment with the Ministry of Agriculture's second advance estimate.
Lowered Production for Last Season Conversely, the CCPC has lowered the estimate for last season's production to 336.60 lakh bales, down from the earlier estimate of 343.47 lakh bales.
Increased Imports the committee has raised its estimate for imports for the current season to 14.6 lakh bales, compared to the earlier estimate of 10 lakh bales. However, imports for the current season remain unchanged at 12 lakh bales.
Export and Consumption Estimates Export estimates for the current season have been raised to 27 lakh bales, up from 15.89 lakh bales in the previous season. Consumption, including small spinners and non-textiles, is projected to be 317 lakh bales, compared to the earlier estimate of 310 lakh bales.
Stocks Opening stocks are projected to be 61.16 lakh bales, contributing to an overall supply projection of 396.27 lakh bales for the current season. The committee has also reduced its estimate of carryover stocks to 52.27 lakh bales from the earlier estimate of 57.65 lakh bales.
Market Dynamics Indian cotton has seen increased demand due to rising prices on the Intercontinental Exchange (ICE), New York. Domestic prices are currently quoted at a discount to ICE futures, making Indian cotton more attractive in the market.
These estimates indicate a positive outlook for the cotton industry in India, with higher production, exports, and consumption anticipated for the current season.
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