Turkey: Cotton and Products Update
Link to report:
Turkiye’s cotton production forecast for marketing year (MY) 2022/23 is revised higher to nearly 1.1 million metric tons (MMT) (4.94 million bales), based on increase in cotton area harvested and ideal weather conditions throughout the growing season. At the same time, production of sustainable cotton continues to slowly increase to meet the requirements of foreign apparel brands. In contrast to cotton production, the consumption forecast is scaled back to 1.5 MMT (6.89 million bales) on account of concerns over a global economic slowdown, deteriorating economic conditions in Turkiye, and the fallout from the war in Ukraine. Given these tough conditions, textile factories have cut back on production and are now operating at reduced capacity levels not seen since the early months of the pandemic in 2020. For the same reasons dampening consumption along with the projected increase in domestic production, the cotton import forecast for this period is cut back to 850,000 metric tons (3.91 million bales).