The latest U.S. Department of Agriculture (USDA) cotton projections for 2007/08 indicate that global cotton production is expected to decline about 3 percent from 2006/07's 119.2 million bales to this season's 115.9 million.
Although the third argest on record, world production is more than offset by record consumption in 2007/08, reducing global cotton stocks.
The decline in 2007/08 global production is mainly attributable to the U.S. cotton crop, as production is projected to decrease 20 percent to its lowest since 2002/03.
In contrast, China is expected to produce a crop similar to last season, while cotton production in the rest of the world is expected to rise about 1 million bales.
The U.S. share of global production is projected to fall to 15 percent, compared with the 5-year average of 19 percent. As a result, the share for China and the rest of the world are up slightly in 2007/08 to 28 and 57 percent, respectively.
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Cotton Council International
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