Global cotton output falls as demand rises
17/05/2013
China’s stockpiles will represent 63% of the world’s total next year, according to the agency. Its imports will drop 34% to 12 million bales from 18.25 million in the current year.
Cotton output in US is estimated to fall 19% this year as farmers shift to grains due to the dry conditions in parts of the south.
The decline is greater than analysts’ estimates. They expected output to be 15.34 million bales, down from 17.32 million in 2012, but USDA puts the figure at 14 million, according to Bloomberg.
The fibre had dropped 60% from a high of $2.197 a pound on March 7, 2011, as global output rose and demand waned.
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