According to data compiled by the Cotton Textiles Export Promotion Council (TEXPROCIL), Indian cotton yarn exports witnessed a fall of 9.79 per cent in the first four months of fiscal 2017-18. Exporters cite slow pick up by China and Bangladesh, the two big target markets comprising around half of the cotton yarn shipments from India, for the decline.
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Cotton sowing has reached a record high of about 120 lakh hectares in the country during the ongoing kharif season on the back of good rainfall in key growing regions.
The Texas Farm Bureau estimates the cotton crop in the US could be the largest in 11 years, citing a report from the US Department of Agriculture.
The International Cotton Advisory Committee’s Secretariat has forecast that the A Index in 2017-18 will range between 54 cts/lb and 87 cts/lb with a midpoint of 69 cts/lb. The midpoint would be 13 cts/lb lower than in 2016/17. This follows the large increase of 12 cts/lb from 2015-16 to 2016-17, which suggests that such a drop is not unreasonable.
In 2017-18, world cotton production is projected to increase by 8 per cent to 24.9 million tonne while the global cotton consumption is forecast to rise by 2 per cent to 25 million tonne.
Egypt has signed a $1.74 million cooperation agreement with the United Nations Industrial Development Organization (UNIDO) and the Italian Agency for Development Cooperation to develop Egyptian cotton production.
In order to ensure availability of cotton for domestic mills, the Indian Government had directed Cotton Corporation of India Ltd to sell its stock of cotton (cotton season 2015-16), purchased under MSP, to spinning mills in the micro small medium enterprise (MSME) category to contain fluctuation in cotton prices.