India's cotton exports, production & consumption to rise: TexPro

Cotton exports of the country were 3.20 million 480 lb bales in MY 2019-20, which rose considerably by 62.40 per cent in MY 2020-21 despite the impact of COVID-19 across the world. Exports are expected to increase further by 15.38 per cent to reach 6 million 480 lb bales in MY 2021-22, according to Fibre2Fashion’s market analysis tool TexPro.

The total domestic consumption of the country went from 20 million 480 lb bales in MY 2019-20 to 23.50 million 480 lb bales in MY 2020-21, recording a rise of 17.50 per cent. Consumption is likely to increase further by 8.51 per cent to 25.50 million 480 lb bales in MY 2021-22 as mill consumption in India may increase due to lockdown relaxations.

India’s cotton production will support exports and domestic consumption as it is also expected to grow. Production will reach 29.50 million 480 lb bales in MY 2021-22 over 28.30 million 480 lb bales in MY 2020-21, rising by 4.24 per cent.

Sowing is in progress in north India as southwest monsoon is anticipated to give moderate rains over northwest India and above normal rains in central India. The textiles and apparel manufacturing and exports, especially apparel and home textile exports, will be supported by easing of restrictions to some extent.

Fibre2Fashion News Desk (KD)