The Southern India Mills Association (SIMA) said that according to data available with the Cotton Corporation of India, cotton arrivals have crossed 31.8 million bales so far during the current season that began in October last year.
SIMA President Ravi Sam said in a press release that there are reports that the size of the cotton crop this season will be 311.18 lakh bales. This is probably ginning production, he said.
The Cotton Production and Consumption Committee has estimated the total production at 343 lakh bales and the opening stock at 39.48 lakh bales. He said that the data shared by the committee should be the standard for trade and industry.
Cotton prices have risen by ₹3,000 per candy in the past few days and were quoted above ₹60,000 per candy on Saturday amid fears of lower production.
The predominantly cotton-based Indian textile industry is facing challenges due to high volatility in cotton prices and 11% import duty on cotton. Cotton textile exports including readymade garments fell by 23% during 2022-2023 and 18% in April-June 2023 as compared to the same period last year. He said availability of cotton is not a challenge and stability and competitive cotton prices are essential for the industry.
