Cotton trade body retains import-export estimate for the 2019-20 season
Our Bureau | Ahmedabad
February 05, 2020
While retaining its cotton crop estimate at 354.5 lakh bales (each of 170 kg) for the current season (October 2019-September 2020), the Cotton Association of India (CAI) has stated that about 193 lakh bales – or over 54 per cent of the season’s crop – have already arrived into the market till January 2020.
“The total cotton supply estimated by the CAI during the months of October 2019 to January 2020 is 234.89 lakh bales. It consists of the arrivals of 192.89 lakh bales up to January 31, 2020, imports of 10 lakh bales and the opening stock at the beginning of the season. The opening stock has been revised by the CAI from 23.5 lakh bales to 32 lakh bales, based on the feedback received from trade sources,” CAI President Atul Ganatra said in a statement.
On the consumption side, the CAI has projected India’s cotton consumption from October 2019 to January 2020 at 106 lakh bales. The export shipments up to January 31 2020 is estimated at 20 lakh bales.Stock at the end of January is estimated at 108.89 lakh bales, including 38 lakh bales with textile mills, and the remaining 70.89 lakh bales with Cotton Corporation of India (CCI) and others, including multinational corporations, traders, ginners, etc.
“The Crop Committee of CAI met on February 3. The cotton crop estimate for the season 2019-20 is retained by the CAI at 354.50 lakh bales – at the same level as estimated by it in the previous month and there are no changes in the State-wise crop figures estimated now from those of the previous month,” Ganatra said in the statement.
Notably, against widespread fears about the possible impact of coronavirus outbreak in China, the CAI said there was no change in the projection of import of cotton and the same is retained at 25 lakh bales as estimated previously.
Similarly, on the export front, the projections on 42 lakh bales stands valid and the CAI expects the balance 22 lakh bales to be shipped during the period from February 1 to September 30. The closing stock as on end of season at September 30 is estimated to be 38.50 lakh bales.
(Source: The Hindu Businessline)