US Cotton exports take drastic hit in July 2022

02 Oct '22

2 min read

Pic: Shutterstock.com

Cotton exports from the US witnessed a steep fall to $28.362 million in July 2022 from $1,062.592 million in June 2022. The new cotton marketing season begins in the country from August and exports had reduced drastically in the last month of the previous year 2021-22. However, the country had exported a large volume of cotton during the earlier months.

The country had exported large quantities of cotton till June 2022 due to a scarcity of the natural fibre and skyrocketing prices. Therefore, cotton exports dried up in the last month of the previous season. Cotton exports amounted to $1,162.222 million in May, $1,104.972 million in April, $1,112.802 million in March and $919.778 million in February 2022, according to Fibre2Fashion’s market insight tool TexPro.

On a quarterly basis, cotton shipment from the US rose to $3.328 billion in the second quarter of this year from $2.820 billion in the first quarter. Exports had declined to $1.002 billion in the fourth quarter of last year from $1.254 billion in the third quarter of 2021. Cotton exports amounted to $1.972 billion in the second quarter of last year.

The world’s largest economy earns $6-7 billion on an annual basis from cotton exports. The country had fetched $5.156 billion in 2021, $6.321 billion in 2020, $6.608 billion in 2019 and $7.088 billion in 2018 from cotton shipments.

Fibre2Fashion News Desk (KUL)

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