MUMBAI (Commoditiescontrol) - International Cotton Advisory Committee (ICAC) in its latest cotton crop estimate for 2015-16 season, lowered world production 36.7 lakh tons to 224.6 lakh tons compared to 261.3 lakh tons in 2014-15. The latest estimate is also down 4.3 percent from 228.9 lakh tons estimated in January.
India’s cotton production is estimated to fall 5 percent to 62 lakh tons, while consumption in India is estimated to increase 2 percent to 55 lakh tons in the season, ICAC stated.
According to ICAC, Vietnam has emerged as a leading importer of cotton in the current season, surpassing China. During the first four months of the season, Vietnam has imported around 3.27 lakh tons cotton compared to 2.47 lakh tons by China.
ICAC forecast Vietnam to remain a largest export destination for Indian cotton during the rest of the current season, leaving China far behind.
Cotton imports by China are likely to shrink 40 percent to just 10.8 lakh tons this season, while Vietnam’s imports are projected to rise 17 percent to 11 lakh tons.
The latest estimate states that Bangladesh can compete China in terms of cotton imports in 2015-16. As Bangladesh is estimated to witness imports of around 10.8 lakh tons cotton in the season.
(By Commoditiescontrol Bureau; +91-22-40015522)
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