United States Department of Agriculture (USDA) Economic Research Service (ERS) announces record foreign cotton consumption/production gap forecast for 2006/07:
The latest U.S. Department of Agriculture (USDA) cotton forecast for 2006/07 projects that the gap between foreign consumption and production will expand further for the
upcoming season to a new high.
Although foreign production is expected to be the second largest on record in 2006/07, global demand for cotton products continues to fuel the record foreign cotton consumption.
Foreign cotton consumption is forecast to increase for the eighth consecutive season in 2006/07, reaching 116.3 million bales, 5 percent above 2005/06. Meanwhile, foreign production is projected at 93.9 million bales, up about 4 percent.
As a result, the foreign consumption/production gap is expected to rise from the current season's difference of 20.6 million bales to a remarkable 22.4 million in 2006/07.
While foreign import demand is projected to rise only slightly next season, this gap will continue to support global cotton trade and U.S. exports.
United States Department of Agriculture Economic Research Service
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