Global cotton production forecast down to 115.4 mn in 2022-23: USDA
16 Jan 23 2 min read
US’ 2022-23 exports are lowered 250,000 bales compared with the previous month to 12 million bales. This is despite higher US production and is attributed to lower global demand, with global consumption forecast down more than 800,000 bales compared with the previous month to 110.9 million.
Major consumers including India, China, and Pakistan are facing challenges including a downward trend in profit margins and yarn orders, which in turn have resulted in conservative buying practices for cotton lint. Additionally, a lower global consumption forecast reflects the slowing of overall global demand for cotton products, as per USDA’s report.
China still remains the largest destination for US cotton exports, but outstanding sales are significantly lower compared with the previous year. Despite Pakistan holding the largest portion of US outstanding sales, issues with financing are slowing shipments and new sales.
Lower projected US exports are expected to increase US ending stocks to 4.2 million bales, 700,000 bales higher compared with last month and symbolic of lower global consumption prospects.
Fibre2Fashion News Desk (DP)
Popular News
|
AkzoNobel plans closure of sites in Netherlands, Ireland & Zambia |
|
Apparel exports from Bangladesh to Europe tank 59.95% in Jan-Apr 2024 |
|
India's Finance Ministry to revamp duty drawback disbursement process |
|
China’s economy projected to grow by 5% in 2024, 4.5% in 2025: IMF |
|
Italy’s consumer confidence index up from 95.2 to 96.4 in May: Istat |
|
China's fabric exports rise in Q1 2024; Vietnam leads as top market |