Cotton: World Markets and Trade

摘要

The world estimates for MY 2001/02 reflect higher production (+46,000 bales) and slightly lower area due to changes in Peru. The world estimates for MY 2002/03 were changed to reflect higher use (+150,000 bales) and lower ending stocks (-73,000 bales). Brazil's consumption was raised based on newly available trade data. The 2003/04 world forecasts as compared to last month show lower area (-42,000 hectares), production, trade, and ending stocks. Production is down by 84,000 bales, mainly due to reductions for Benin (-90,000 bales), Argentina (-65,000 bales), Zambia (-55,000 bales), and Ivory Coast (-50,000 bales), which were partially offset by an increase for Pakistan (+150,000 bales). Exports are down (-97,000 bales) mainly due to a reduction in the forecast for Brazil (-350,000 bales), which was partially offset by increases for Turkey (+150,000 bales) and Pakistan (+100,000 bales). The forecast for cotton consumption remains unchanged from March. A reduction for Thailand (-75,000 bales) and some smaller countries offset an increase in India's consumption (+100,000 bales).