MUMBAI (Commoditiescontrol) – World cotton area is expected to rise in 2018-19 (Aug-Jul) as cotton prices have remained high in 2017-18 at an average of 84.63 cents per lb during the season, said International Cotton Advisory Committee (ICAC) in its monthly report.
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World area under cotton has averaged 32.4 million hectares over the last ten years and is projected to grow moderately during the next season, according to report.
Cotton planting in U.S. is likely to increase in 2018-19 by 11% to 5.08 million hectares, however drought conditions remain a concern for the cotton area in West Texas which represents approximately 25% of the US production.
Planted area in India is expected to decrease to 11.9 million hectares in 2018-19. Chinese planted area is expected to remain stable based on the continuation of Chinese support policies.
ICAC has pegged world cotton consumption to grow steadily though 2018-19 to a projected 26.7 million tonnes from 25.5 million tonnes estimated in 2017-18.
Global cotton imports are expected to surge thanks to good buying from leading importers. Imports by China are projected to continue to increase for the fourth consecutive year to 1.5 million tons. While Chinese import figures continue to increase, Bangladesh remains the leading global importer.
The Chinese reserve auction to sell cotton stocks this year began in March and is expected to continue through September thus far releasing 30,000 tons per day for sale. Daily sales through April have sold 100% of high quality Xinjiang quantities available, while lower grades have sold at 25% of available quantity.
Despite lowered projections for 2017/18, the United States remains the leading global exporter and will likely remain so in the 2018/19 season with exports projected at 3.5 million tons.
(By Commoditiescontrol Bureau; +91-22-40015533)
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