DHAKA: A new International Cotton Advisory Committee (ICAC) report informs that world cotton production is projected to increase 6 per cent year over year to 22.5 million tons in 2015/16. However, ICAC also estimates world ending stocks to have fallen by 13 per cent to 19.5 million tons in 2015/16, as global cotton demand outpaced production.
World cotton consumption is forecast to remain stable at 23.8 million tons, with China likely to be the largest consumer in 2016/17, despite an expected decrease in mill use of 3 per cent to 7.1 million tons, which would be the seventh consecutive season of contraction.
As per the report, world cotton consumption in 2016-17 is expected to exceed world cotton production by 1.4 million tons, which would bring ending stocks to 18.1 million tons, down 7 per cent from 2015/16.
“Stable demand and larger crops in many of the top exporting countries are expected to lead to an increase in world trade volume of 3 per cent to 7.5 million tons,” the report said. Imports by Bangladesh are projected to increase 12 per cent to 1.2 million tons, making it the world’s largest importer, while Vietnam’s imports are forecast to grow also by 12 per cent to 1.1 million tons.
