Global Cotton Imports Will Decline In 08/09
The International Cotton Advisory Committee (ICAC) said in its monthly report on Monday that global cotton imports in 2008/09 will fall by 12% to 7 million 300 thousand tons, which is affected by the global economic downturn.
ICAC said that the global cotton trade volume will be dragged down by China, and China's cotton imports will be reduced by 24% to 1 million 900 thousand tons.
The organization says the global financial crisis has led to a decline in cotton consumption. In 2009, the global economic growth slowed down, even if the income of developed countries would decline. In addition, the credit availability of textile mills may be tight.
Global cotton production is expected to be reduced by 6% to 24 million 600 thousand tons, mainly affected by a significant decline in US output by 30%.
Increased competition from grains and oilseeds also led to a sharp decline in cotton production in Turkey, Brazil and the United States, the report said. But cotton production in India, Pakistan and Australia has increased.
Editor: vivi
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