Recently, the U.S. Department of Agriculture released its first global cotton outlook report for the 2022/2023 season, predicting that global cotton consumption will exceed production, and global inventories will drop by 2.5 million bales. Global cotton production is expected to increase by 3.2%, with increased harvested area in some countries. Global cotton consumption is expected to grow at a long-term average rate as the global economy continues to recover from a severe downturn in 2020 and supply chain issues in 2021. The report predicts that China’s cotton imports will increase compared to 2021/2022, due to increased textile consumption and the government’s restocking.
U.S. cotton production is projected to increase to 18.2 million bales in 2022/2023, with a 13% increase in planted area, but only a 2% increase in harvested area. U.S. domestic cotton mill cotton consumption is expected to increase slightly, and exports are forecast at 15.5 million bales, also higher than in 2021/2022.
Global cotton production in 2022/2023 is expected to increase by about 3% from the previous year to 124 million bales. That would be the highest level of global cotton production since 2017/2018 and just 3 percent below the record high set in 2011/2012. Plantings in most cotton producing areas will expand, as high cotton prices encourage such expansion.
Post time: Mar-20-2022