BEIJING: China’s agriculture ministry lowered its outlook for cotton consumption on Friday, as slowing global economic growth continues to hurt demand for textiles.

China’s cotton consumption in the 2022/23 crop year that began in September is seen at 7.5 million tonnes, 200,000 tonnes lower than in last month’s forecast, the ministry said in its monthly Chinese Agricultural Supply and Demand Estimates (CASDE) report.

Other forecasts were unchanged, however the report noted that growing enthusiasm by farmers to sell corn ahead of next month’s Lunar New Year holiday as well as easing COVID-19 restrictions on movement have boosted supply of the grain, pressuring the market.

An expected increase in consumption and willingness to replenish stocks should help corn prices stabilise at a high level, it added.