A higher surplus and a strong demand from countries like Bangladesh and Vietnam led to India's cotton exports rising by 68 percent to 26 lakh bales of 170 kg each during the first nine months of the MY’23-24 ended June 2024.

Statistics by the Cotton Association of India (CAI), show, as of the end of June, India’s closing stocks for the crop year 2023-24 declined to 20 lakh bales from 28.90 lakh bales in the previous year. Total demand for the crop rose to 317 lakh bales from 311 lakh bales last year while total supplies for the year reached 363 lakh bales, compared to 355.40 lakh bales in the previous year.

The supply estimate included an opening stock of 28.9 lakh bales and imports of 16.40 lakh bales, up from 12.5 lakh bales last year.

CAI estimates, by the end of June 2024, CAI possessed cotton stocks worth 77.29 lakh bales of 170 kg each. This included 40 lakh bales held by textile mills, equivalent to about 46 days of consumption. The remaining 37.29 lakh bales were held by the Cotton Corporation of India (CCI), the Maharashtra Federation, and others, including multinational companies, the Multi Commodity Exchange (MCX), traders, ginners, and cotton that has been sold but not yet delivered. CAI estimates its annual balance sheet remained as previously stated.