Mumbai, July 12 (Commoditiescontrol):China's Ministry of Agriculture announced on Wednesday a cut in its cotton import forecast for the 2023/24 crop year, following a weaker-than-expected demand from textile enterprises.
According to its monthly China Agricultural Supply and Demand Estimates (CASDE), the ministry revised the cotton import forecast to 1.45 million metric tons, marking a reduction of 400,000 tons from the previous month's forecast. The lower import forecast is likely to have substantial global market implications given China's significant role in global cotton trade.
Simultaneously, the ministry projected a fall in consumption by 100,000 metric tons to 7.4 million metric tons due to weaker textile exports and less raw material demand from textile manufacturers. The report noted that despite an overall good growth of cotton, high temperatures have affected cotton bud growth in certain regions.
The CASDE report detailed key figures for the crop year spanning from September to August. Beginning stocks were reported at 7.43 million tonnes, maintaining last year's levels. Planted acreage remained constant at 2.872 million hectares with output figures also steady at 5.78 million tonnes.
While imports were decreased to 1.45 million tonnes, a considerable decline from last year's 1.85 million tonnes, consumption figures fell modestly to 7.4 million tonnes. Exports remained a minor portion of the production at 0.01 million tonnes.
Finally, the report listed ending stocks at 7.03 million tonnes, marking a 4.09% decrease from last year, presumably due to lowered demand and consumption in the domestic market.
(By Commoditiescontrol Bureau: +91 9820130172)
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