Global cotton production & consumption to improve going forward

Global cotton production and consumption is expected to move up in the upcoming period due to better crop yield in Brazil, Australia and Pakistan, which overcame the production loss in Greece. Cotton consumption is consistently on the rise due to increasing demand and mitigating impact of COVID-19 in India, Pakistan, Mexico and Bangladesh.

Global cotton prices have been rising since July 2021 due to global demand. The surge has been sustained as the World Agricultural Supply and Demand Estimates (WASDE) are following upward movements on the Intercontinental Commodity Exchange’s December 2021 contract.

Prices of Indian cotton have been rising owing to strong domestic and global demand, coupled with lower supplies. Cotton prices in China also escalated despite robust sales from the State Reserve.

Global cotton production was 26.43 million metric ton in market year (MY) 2019-20, which dropped by 7.60 per cent to 24.42 million metric ton in MY 2020-21. But it is expected to recover to 26.52 million metric ton in MY 2021-22 with a rise of 8.60 per cent.

Global cotton imports were 8.89 million metric ton in MY 2019-20 and 10.67 million metric ton in MY 2020-21. They are likely to decline to 10.15 million metric ton in MY 2021-22, according to TexPro recording a drop of 4.87 per cent.

Cotton exports globally were 8.98 million metric ton in MY 2019-20, which increased to 10.54 million metric ton in MY 2020-21 with a rise of 17.37 per cent. Exports are now expected to decline by 3.70 per cent to 10.15 million metric ton in MY 2021-22.

The global cotton consumption went up by 17.29 per cent from 22.44 million metric ton in MY 2019-20 to 26.32 million metric ton in MY 2020-21, according to TexPro. Now it is expected to increase further to 27.02 million metric ton in MY 2021/22 with a surge of 2.66 per cent. Fibre2Fashion

(The article has not been edited by DFU Publications staff)

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