New Delhi, Jan 18 (IANS): The Cotton Association of India has reduced India's annual cotton output estimate for the current season -- which started in October -- to 348 lakh bales.

The earlier estimate was at 360 lakh bales (a bale is approximately 170 kg).

The latest revision was done after a virtual meeting held on Monday where all 29 members representing all cotton producing states and stakeholders participated.

Gujarat, a major producer, is expected to produce five lakh bales lower on year, the association said. Telangana and Karnataka are seen producing two lakh bales lower each.

Consumption of the commodity is expected to increase by 10 lakh bales to 345 lakh bales as against the previous consumption estimate of 335 lakh bales.

Imports into the country is seen at 15 lakh bales, which is largely unchanged from the last season, the association said.

On exports, the association kept the estimate unchanged at 48 lakh bales.

Besides, cotton stocks held by mills as on December 31, 2021, are estimated at 65 lakh bales.

"The 'CCI', Maharashtra Federation, MNCs, ginners, traders, MCX, etc. are estimated to have a total stock of about 48.77 lakh bales of 170 kgs each as on 31st December 2021," the association said.

While, the total stocks held by spinning mills and stockists including the cotton sold but not delivered as on December 31, 2021, is estimated at 113.77 lakh bales.