Global Cotton Output And Final Inventory Have Been Adjusted To Reduce Consumption Without Significant Adjustment.

According to the latest global cotton demand and supply forecast released by the US Department of agriculture (USDA) in January, the total output of the world's cotton in January is 26 million 231 thousand tons, a decrease of 137 thousand tons compared with last month, an increase of 509 thousand tons compared with 2018/19, an increase of about 2%. Global consumption of 26 million 175 thousand tons, down by 11 thousand tons, an increase of 7 thousand tons compared with 2018/19. The volume of import and export trade is about 9 million 545 thousand tons, a decrease of about 120 thousand tons from the previous month. The end of the world inventory of 17 million 329 thousand tons, a reduction of 159 thousand tons, an increase of 13 thousand tons compared to the same period last year.

Related links: USDA's global cotton supply and demand forecast (2020.1)

In this year's adjustment, global cotton production is mainly adjusted by the United States, Pakistan and Turkey. In the United States and Pakistan, 22 thousand tons were reduced from last month, and 44 thousand tons in Turkey. The consumption adjustment was mainly in Bangladesh and Vietnam, which was reduced by 22 thousand tons from the previous month. The main adjustment of imports was China, which was reduced by 109 thousand tons from the previous month. The export volume was mainly adjusted by India and Australia, with a reduction of 44 thousand tons and 33 thousand tons respectively. The final inventory was the most obvious adjustment in China, India and Bangladesh, of which China cut 109 thousand tons from the previous month, India increased by 43 thousand tons, and the Bangladesh ring ratio decreased by 44 thousand tons. The specific adjustments in India, China and the United States are as follows:

India: the total output of 2019/20 is expected to be 6 million 423 thousand tons, unchanged from the previous month, consumption is expected to be 5 million 334 thousand tons, no adjustment is made, import volume is expected to be 479 thousand tons, no adjustment has been made, export volume is expected to be 827 thousand tons, reduction of 44 thousand tons from the previous month, 2 million 768 thousand tons of final inventory, and 43 thousand tons increase in the loop.

China: the total output of 2019/20 is expected to be 5 million 933 thousand tons, which has not been adjusted since last month; consumption is expected to be 8 million 382 thousand tons, not adjusted; import volume is expected to be 1 million 851 thousand tons, and the reduction is 109 thousand tons; the final inventory will be 7 million 129 thousand tons, and the reduction will be 109 thousand tons.

The United States: the total output of 2019/20 is expected to be 4 million 377 thousand tons, down by 22 thousand tons from the previous month, the export volume is expected to be 3 million 592 thousand tons, and no adjustment has been made; the final inventory is expected to be 1 million 176 thousand tons, and the reduction of 21 thousand tons in the annulus.