BEIJING, CHINA – Slowly over the last two years, the U.S. cotton industry has increased it share of exports to China. According to the Foreign Agriculture Service (FAS), despite COVID-19 related declines in consumer demand for apparel and textiles, China imported 473,000 tons of cotton from the United States last marketing year, an increase of approximately 22 percent. In the new marketing year, FAS expects China to import nearly 2 million metric tons as the country’s consumption grows to 8 million metric tons. Expectations for cotton production in China are unchanged from last year, as economists forecast a 5.8 million metric ton crop. The end result could be an opportunity for more U.S. grown cotton to sail into China in the new marketing year, especially if global demand increases in the next six months. In addition, industry sources report that the Chinese government is likely to source more foreign cotton in 2021 to rebuild the state reserve.
(SOURCE: All Ag News)