The May global production and demand forecast released by the International Cotton Advisory Committee (ICAC) believes that the growth of cotton consumption will drive an increase in global cotton trade volume.
In 2020/21, global cotton production is expected to be 24.6 million tons, an increase of 470,000 tons from the previous month, including 6.307 million tons in India, 5.91 million tons in China, the United States and Brazil respectively. 3.201 million tons and 2.523 million tons, West Africa 1.047 million tons, Pakistan and Turkey 890,000 tons and 656,000 tons respectively, Australia 562,000 tons, and Uzbekistan 552,000 tons.
In 2020/21, global cotton consumption is expected to be 25 million tons, an increase of 430,000 tons from the previous month, including 8.1 million tons in China, 5.5 million tons in India, Pakistan and Turkey respectively. were 2.2 million tons and 1.5 million tons, and that of Bangladesh and Vietnam were 1.6 million tons and 1.5 million tons respectively.
In 2020/21, global cotton exports are expected to be 9.83 million tons, an increase of 340,000 tons from the previous month. The United States exports 3.4 million tons, and Brazil exports 2 million tons. India exported 1.1 million tons. China imported 2.4 million tons.
ICAC predicts that global cotton production will drop slightly to 24.3 million tons in 2021/22, consumption will continue to recover to 25.3 million tons, and ending stocks will further decline to 21.1 million tons. Stock consumption ratio dropped to 84%.
ICAC estimates that the average Kotruk A index in 2020/21 will be 80 cents/pound, and the average in 2021/22 will be 89.7 cents/pound.
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