On July 2nd, the ICAC reported that the amount of cotton traded globally will be 7.6 million tons during the forthcoming new cotton year (August 2012-July 2013).
The volume of cotton traded in the present year ending in July, 2012 is expected to be 9.2 million tons. According to ICAC, cotton use in mills is estimated down by 7% this year.
Volatility, high price and the slow growth in the global economy are some of the reasons for the decline in the cotton yarn demand and hence the cotton mill use.
China is attributed to the increase in the global cotton trade this year. According to the ICAC, Chinese government rebuilt its cotton reserves enabling a leap in the global cotton trade this year. This situation will change in the new season.
For the new cotton year, cotton imports by China are projected to fall by 50% and the import quantity is expected to be about 2.7 million tons.
The global cotton production is estimated to decline in the new season by 8% and will be about 24.9 million tons.
Dr Seshadri Ramkumar
| On 31st Jul 2021
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