Report Highlights:
Following a delayed start, China’s marketing year (MY) 23/24 cotton harvest concluded in November. Forecast cotton production is unchanged at 5.9 million metric tons (MMT) on lower planted area and yield.
Cotton imports surged 114 percent in the first quarter of MY 23/24 following the July issuance of 750,000 metric tons (MT) of sliding-scale duty import quota. Imports of U.S. cotton in the period increased 30 percent to 295,000 MT, but overall market share declined on strong imports from Australia and Brazil. Post also maintained MY 23/24 imports at 1.9 MMT based on a mixed outlook for the demand for cotton and textile and apparel products.
Source: USDA-FAS