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Post forecasts consumption of cotton in the Malaysian textile industry at 290,000 bales in marketing year (MY) 2022/23, a 3.3 percent drop from the previous year post’s estimate.
A recent industry survey in one of China’s leading provinces for textile and apparel manufacturing highlights the negative impact of the PRC’s zero-tolerance COVID policy in the world’s largest cotton market and area economy. According to survey results, production estimates are down, costs are higher, and deliveries are delayed.
For 2022/23, Post forecasts cotton planted area to shrink 3 percent compared to the current season, to 1.55 million hectares. The Post forecast for 2022/23 cotton production is 12.6 million bales, or 2.74 million metric tons (MMT), down from 13 million bales (2.83 MMT) in 2020/21.
Through its phased-in tariff reductions, the agreement will raise challenges for U.S. products including wine and spirits, cotton, pulses and beans, forest products, and tree nuts.