India's FY24 Cotton Exports Increase by 76%
This year marks the second highest cotton consumption out of the last ten years, as shared by the textile commissioner at the press conference following the committee meeting.
Cotton exports increased significantly from 270,130 tonnes in FY23 to 476,000 tonnes in FY24, according to provisional data released by the Committee on Cotton Production and Consumption (COCPC), which met yesterday. This sharp rise highlights the growing demand for Indian cotton in the international market.
The textile commissioner noted that this year has seen the second-highest consumption of cotton in the past decade. "To enhance transparency and ensure better quality, every bale is now under QR code traceability, providing information on the village of procurement, the factory where it was processed, and the date of sale," stated Lalit Gupta, Chairman of the Cotton Corporation of India.
The provisional data indicates that cotton imports have declined from 248,200 tonnes to 204,000 tonnes. Despite this reduction, cotton production has grown by a nominal 7.7 lakh bales. On the demand side, exports have nearly doubled from 15.89 lakh bales in the 2022-23 cotton season to 28 lakh bales in the 2023-24 season. While non-textile consumption remained stagnant, both MSME and non-MSME consumption saw substantial growth.
The COCPC includes all textile industry stakeholders, including representatives from the central government, the textile industry, and the ginning and pressing sectors, according to the Ministry of Textiles' press release. The committee shared detailed data on imports, exports, and cotton consumption by MSMEs and non-MSMEs.
This season's supply has been significantly higher than the demand in the previous season. The press release also provided data on state-wise area, production, and yield. Gujarat recorded the highest yield again this season; however, the state's yield in 2023-24 of 574.06 kg per hectare was lower than the 2022-23 yield of 601.91 kg per hectare.
The north zone, which includes Punjab, Haryana, and Rajasthan, saw a substantial rise in all three parameters. Despite an increase in the area under production, Rajasthan experienced a reduction in both cotton production and yield.
Madhya Pradesh saw the highest increase in yield, resulting in a higher production of 18.01 lakh bales of 170 kg each during the 2023-24 season compared to 14.33 lakh bales in the 2022-23 season.
Conversely, the south zone, which includes Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu, experienced a reduction in production over the year 2023-24. Nevertheless, the south zone's production of 81.30 lakh bales exceeded that of the north zone, which stood at 47.60 lakh bales.
Read more :- CCI Introduces QR Code Traceability for Cotton Bales in India
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