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2008-09 Cotton Trade Volume Declined Sharply During The Cotton Season
The US Department of agriculture predicts that demand for world cotton imports has declined since June 2008 in the 2008-09 cotton season. The deteriorating world economic conditions depressed consumer demand for textiles and put pressure on cotton prices. The CotlookA index fluctuated between 70-80 cents in 6-9, and recently dropped to below 57 cents / pound.
Since June, the forecast of global consumption has dropped by 6%, largely because of the decline in consumption in China, and the consumption of China has dropped from 55 million packages initially estimated to 51 million. This is the first time that China's cotton consumption has decreased year by year since the 1998-99 cotton season. As a result, world trade fell 14% from 6-11.
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