Global cotton production is projected to return to pre-pandemic levels next year after a 7% decrease in 2020/21, the Interntional Cotton Advisory Committee (ICAC) said in its latest monthly report.
Even better, global consumption has recovered from 2019/20 to post a 12.5% increase to 25.59 million tonnes in 2020/21 and is projected to improve further to 25.8 million tonnes next season, it added.
Lower production combined with higher demand will cause ending stocks to decline for the first time in four years to stand at 20.96 million tonnes — a level similar to what was recorded in 2015/16, the report aid, adding that ending stocks are forecasted to decline further in 2021/22 to 20.77 million tonnes, as mill use is expected to exceed production
“Cotton trade is recovering after the slowdown in 2019/20, especially as the global economy improves. Exports in 2020/21 have increased by 11.75% compared to 2019/20 and should remain at that level in 2021/22,” it said.