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Trade body Cotton Association of India (CAI) has retained India's cotton export target at around 42 lakh bales for the season (October 2019-September 2020), at same level as last year.
The export shipments from October 1, 2019 to March 31, 2020 are estimated at 31 lakh bales, while the balance 11 lakh bales are expected to be shipped between April 1 and September 30, 2020, the CAI said after its meeting on April 4. Due to the lockdown, CAI Crop Committee convened the meeting on WhatsApp with over 20 members attending it.
However, the Crop Committee of CAI has decided to meet in the first week of May 2020 to take stock of the situation arising out of the Covid-19 pandemic and examine whether any changes are to be made in the cotton balance sheet for the season.
Currently, there is no change in the projection of import of cotton and it is retained at the same level of 25 lakh bales as estimated by the CAI previously. The import figure is lower by 7 lakh bales over the estimates for last year.
CAI noted that 283.03 lakh bales of 170 kg each has arrived in the market from October 2019 to March 2020.
The domestic consumption by Indian spinning mills from October 2019 to March 31, 2020 is estimated at 154 lakh bales, leaving behind the cotton stock with mills as on March 31 at 34 lakh bales.
The stock position with Cotton Corporation of India, MNCs, ginners and MCX is about 108.53 lakh bales.
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