MUMBAI (Commoditiescontrol) - The International Cotton Advisory Committee (ICAC) in its September forecast, lowered global cotton production for 2015-16 at 23.7 million tons, down 9.15 percent year on year (YoY). Last year same month, it had estimated world output at 26.19 million tons.
The committee has marginally raised its global cotton consumption by 2.29 percent to 25.03 million tons compared to 24.47 million tons in the corresponding period last year. This puts world ending stocks down 6.1 percent to 20.4 million tons. But consumption estimate remains below the volume consumed just before the global economic recession.
The world’s leading consumer, China has an important role to play in the overall cotton market. High domestic cotton prices and low polyester prices in China have made its cotton spinning sector less competitive.
In addition to China, India and Pakistan are the largest consumers of cotton and these three countries alone account for 64 percent of world cotton consumption. Consumption in India and Pakistan is anticipated to increase by 3 percent, to 5.6 million tons and 2.6 million tons respectively.
(By Commoditiescontrol Bureau; +91-22-40015532)
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