For the 2023-24 crop year, India’s cotton exports are projected to increase by 80 per cent to approximately 28 lakh bales (170 kg each). This rise is driven by higher demand from key markets such as Bangladesh and Vietnam. According to the Cotton Association of India (CAI), India’s cotton exports by Aug-end amounted to 27 lakh bales.

India’s cotton imports also rose during the year to 16.40 lakh bales compared to 12.50 lakh bales the previous year. Atul Ganatra, President, CAI, reports, as of September 30, 2024, cotton’s closing stocks are estimated to decline to 23.32 lakh bales from 28.90 lakh bales a year ago. Cotton consumption for the season is expected to be around 317 lakh bales, with consumption until the end of August estimated at 291 lakh bales.

The estimated pressing figures for the 2023-24 season have been revised to 323.03 lakh bales from the earlier estimate of 317.70 lakh bales, due to higher-than-expected supplies from Maharashtra and Gujarat. Supplies till August-end were estimated at 362.18 lakh bales.

In terms of cotton planting, data from the Agriculture Ministry indicates, the area under cotton cultivation declined to 112.13 lakh hectares (lh), down from 123.39 lh a year ago. The decrease is primarily noted in major cotton-growing states like Gujarat, Maharashtra, Telangana, Rajasthan, Punjab, and Haryana. However, Karnataka and Odisha have experienced slight increases in cotton acreage.

In Maharashtra, cotton cultivation decreased to 40.75 lh from 42.22 lh last year. Gujarat's area declined to 23.62 lh from 26.79 lh, while Telangana’s cotton area also contracted to 17.39 lh from 18.01 lh. Madhya Pradesh, Haryana, and Rajasthan also show reductions in cotton acreage. In contrast, the area under cotton cultivation in Karnataka has increased to 6.74 lh from 6.60 lh, and Odisha saw a marginal rise to 2.36 lh from 2.34 lh.