International Watch: USDA Estimates Global Cotton Consumption Exceeds Production
Recently, the U.S. Department of Agriculture released the first global cotton outlook report for 2022 / 2023. It is estimated that global cotton consumption will exceed production, and global stocks will drop by 2.5 million bales. Global cotton production is expected to increase by 3.2% and harvest area in some countries will increase. As the global economy continues to recover from the severe downturn in 2020 and supply chain problems in 2021, global cotton consumption is expected to grow at an average long-term rate. The report predicts that China's cotton imports will increase compared with 2021 / 2022, due to the growth of textile consumption and the government's restocking.
U.S. cotton production is expected to increase to 18.2 million bales in 2022 / 2023, and the sown area will expand by 13%, but the harvest area is expected to increase by only 2%. Cotton consumption of domestic cotton mills in the United States is expected to increase slightly, with exports expected to be 15.5 million bales, also higher than that in 2021 / 2022.
Global cotton production in 2022 / 2023 is expected to increase by about 3% to 124 million bales compared with the previous year. This will be the highest level of global cotton production since 2017 / 2018 and is only 3% below the record high set in 2011 / 2012. Most cotton growing areas will be expanded as high cotton prices encourage this expansion.
(source: China Textile News)
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