September 2003 Edition:
The September forecast for U.S. exports in MY2003/04 was revised from 11.8 to 12.0 million bales, exceeding the 2002/03 record of 11.9 million bales. The revision was due to increased import demand resulting from a drop in foreign production mostly in China. The chart above shows the distribution of last years record exports by region. The Table above shows the current import forecast for 2003/04 by major importing countries, along with the U.S. share in 2002/03.
During MY2002/03 Mexico, China, Turkey, and Indonesia ranked 1st though 4th, respectively, among top U.S. cotton export destinations. In MY2002/03, almost 60 percent of China's cotton imports came from the U.S. Recent heavy rainfall in eastern China is expected decrease production to 25.5 million bales in 2003/04, which in turn is likely to increase demand for imports to 3.8 million bales (up 800,000 bales from the August forecast). Thus, U.S. exports to China are likely to rise.
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TABLE OF CONTENTS
World Cotton Outlook
U.S. Cotton Highlights
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