: Coronavirus not to impact cotton exports:CAI #FinanceIndia #StockMarketNEWS #Business PTI Mumbai The coronavirus outbreak will not have much impact on exports of cotton, Cotton Association of India

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Coronavirus not to impact cotton exports:CAI #FinanceIndia #StockMarketNEWS #Business
PTI
Mumbai
The coronavirus outbreak will not have much impact on exports of cotton, Cotton Association of India (CAI) said projecting the overall shipments of the commodity for this season at 42 lakh bales.
The cotton season begins from October.
“The outbreak of coronavirus will not have much impact on exports as last year we did not ship much. We shipped only 8 lakh bales to China last year and this year we have already shipped 6 lakh bales till February end.
“The pick-up in demand from other markets like Bangladesh will keep the exports at the same level as last year. We are estimating exports for this season to be at 42 lakh bales,â€? CAI president Atul Ganatra told PTI here. Till February-end, exports to Bangladesh were at 14 lakh bales, Vietnam and Indonesia 5 lakh bales and to other markets 2.50 lakh bales, he added. “As we have six more months this season we are confident that we will easily achieve our target,â€? he added.
Meanwhile, CAI has projected 354.50 lakh bales (170 kg each) in its February estimates for the cotton season beginning October.
Estimating 354.50 lakh bales in February, CAI said the total cotton supply estimated by CAI during October 2019 to February 2020 is 298.43 lakh bales.
This consists of the arrivals of 254.43 lakh bales up to February 29, 2020, imports of 12 lakh bales and the opening stock estimated by CAI at 32 lakh bales at the beginning of the season, CAI said in a statement here. Further, the association has estimated cotton consumption during October 2019 to February 2020 at 133 lakh bales, while the export shipment is estimated at 27.50 lakh bales till February.
CAI has estimated exports for the season at 42 lakh bales, the same level as estimated in the previous year.
Stock at the end of February 2020 is estimated at 137.93 lakh bales including 40 lakh bales with textile mills and remaining 97.93 lakh bales with CCI and others (MNCs, traders, ginners among others).
CAI has estimated total cotton supply till end of the cotton season, that is up to September 30, at 411.50 lakh bales.
Total cotton supply consists of the opening stock of 32 lakh bales at the beginning of the cotton season estimated at 354.50 lakh bales and imports estimated by the CAI at 25 lakh bales, which are lower by 7 lakh bales compared to the previous year’s estimate of 32 lakh bales.
Domestic consumption estimated for the entire crop year, that is up to September 30, 2020 is 331 lakh bales. The carryover stock estimated at the end of the season is 38.50 lakh bales.
The post Coronavirus not to impact cotton exports:CAI appeared first on The Navhind Times.

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