Burdened by a two-year supply of cotton in its warehouses, China is scaling back dramatically on imports of the fiber. The International Cotton Advisory Committee estimates China will import less than 1.4 million tonnes of cotton during this marketing year, down 24 percent from last year. “China will likely remain the world’s largest importer,” said the intergovernmental group, but will account for only 17 percent of world trade, which would be a third of its 55 percent share four years ago.
“Instead, imports to other Asian countries are taking on a larger share and will partially offset the decline,” said ICAC in a monthly report. Countries in the rest of Asia, notably Bangladesh, Vietnam and Indonesia, are expected to reach 4.5 million tonnes and amount to 60 percent of world trade. “Mill use in Asia outside of China is forecast to rise by 4 percent to 12 million tonnes, representing 48 percent of world consumption projected at 25 million tonnes.”
Although U.S. exports are forecast to fall 9 percent due to a smaller crop, the United States would remain as the world’s largest exporter, at 2.2 million tonnes, or more than 10 million bales. India is the second-largest exporter at 1.1 million tonnes.