LONDON--(BUSINESS WIRE)--The global cotton market is expected to have a more promising future after consecutive annual declines in overall production. Among all the latest news in the global cotton market, the forecasted world production growth, China’s stock plummet and Vietnam’s soaring imports are some of this week’s hottest cotton topics on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
World cotton production is expected to rise in 2017/18
After a significant decline, world cotton production is expected to pick up as the International Cotton Advisory Committee (ICAC) forecasts that world cotton output will rise by 2% to 23.4 million tonnes in the upcoming financial year 2017/18, mainly due to an increase in cotton planted area around the world.
When it comes to cotton prices, ICAC predicts that average cotton prices are likely to be around 77 cents a pound, due to the downward pressure ahead on cotton prices which should shrink the country’s stocks to the lowest in six years.
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China cotton stocks plummet as government sets to sell its reserves
A huge volume of cotton stocks in China is set to be sold via auctions from March 6th to the end of August 2017. The Chinese government is expected to offer about 30,000 tonnes of cotton a day for sale over the next several months. ICAC predicts that around 2.6 million tonnes of China’s cotton stocks will be sold by the government this year.
China’s total stocks, including those in the private sector, are estimated to down to around 9.3 million tonnes at the end of this financial year, representing about 53% of world cotton stocks. China’s ending stock is likely to further drop by 19% to 7.5 million tonnes by the end of 2017/18, representing for 45% of world stocks.
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Vietnam’s soaring cotton imports reflect a growing textile sector
Due to the staggering growth of Vietnam’s textile and apparel industry, the demand of raw cotton in Vietnam has had a significant growth over the last six consecutive years, driving the imports of cotton totalling 5 million bales in the 2016/17 financial year, of which over 40% are imported from the US.
Much of Vietnam’s growth in cotton product exports has been driven by declines in cotton spinning in China. Today, Vietnam is home to over 100 spinning mills with an estimated capacity of over 900,000 tonnes of cotton-based and man-made yarns. Up to two thirds of Vietnam’s cotton imports are spun in foreign-owned mills, with much of it exported to China.
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