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Cotton carryover stocks decline 22% on higher consumption

10
Mar '07
MUMBAI:
Higher domestic consumption will result into carry-over stocks declining by about 22 percent to 44 lakh bales (1 bale = 170 kg) this year compared to 56 lakh bales of last year, according to an estimate made by Cotton Advisory Board (CAB), in its meeting on Friday.

Cotton exports were expected to rise by 1 lakh bales from its previous estimates at 47 lakh bales, according to estimate of the board.

“We are confident of our exports touching 48 lakh bales this year, with the exports from the US not proving economical, considering transportation and other costs,” said Textile Commissioner J N Singh on the sidelines of the CAB meeting.

Despite possibility of the US boosting cheaper exports to neighbouring country, farmers in Gujarat were not concerned by Chinese quota and were confident of maintaining exports this year, Singh said.

Chinese business delegation is currently in the country and the domestic cotton traders are expecting to strike some deals with their Chinese counterparts.

Meanwhile, the CAB estimated cotton availability in the country at 332 lakh bales this year including 56 lakh bales of opening stocks, 270 lakh bales of production and 6 lakh bales of imports. The mill consumption is projected at 205 lakh bales, non-mill at 15 lakh bales, SSI at 20 lakh bales and exports at 48 lakh bales.

The production in the whole of north India has been revised upward to 51 lakh bales (Punjab- 26 lakh bales, Haryana - 17 lakh bales and Rajasthan - 8 lakh bales) from 50 lakh bales in its previous estimates.


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