WASHINGTON – Global cotton consumption is forecast to fall by 11 per cent while the total cotton area under production will drop by 4 per cent for the 20-21 period according to a gloomy new update from the International Cotton Advisory Committee (ICAC). Production is set to fall from 26.2 million tonnes to 25.2 million tonnes due to declining global consumption amid the impact of coronavirus on global apparel trade.
ICAC also says cotton prices are under huge pressure due to an excess of supply over demand.
“Cotton prices will remain under pressure due to several factors, including higher ending stocks in the current and next season, weaker textile fibre demand from brands and retailers, and lower polyester prices,” the body said. “If the price gap between cotton and polyester continues to widen, this would reduce cotton’s competitiveness and decrease its world share of textile fibre.”
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