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India to become world’s main cotton producer: Report

Jun 23, 2021
India to become world’s main cotton producer: Report

China

The consumption of cotton will be more than its supply in 2021, according to the report by IndexBox. This will cause a high price of cotton and a reduction in the global cotton stock.

As the demand from the textile industry increases, the global cotton stock has fallen to a three-year low. Also, the production of cotton is expected to increase by 5% in 2021. As the countries like Brazil, Australia, Pakistan, and the US have favourable weather conditions and increasing harvesting land, high cotton yields are projected from here. China will experience low cotton production due to which India will become the main producer with a 24% share of the world total.

Due to cheap labour in India, Vietnam, Bangladesh, and Pakistan, these four countries will become the main points for the global textile industry. Competition from other similar markets like hemp or flax might hold back market growth.

India was the key exporter of cotton lint after the US and exported 965k tonnes worldwide. In terms of value, India backed second position by exporting $1.4 billion with an 11% share of global exports. In 2020, the average cotton lint export price amounted to $1,501 per tonne in India. India imported 174K tonnes of cotton while China imported 1.9M tonnes. In terms of value, China forms the largest market for imported cotton lint all over the world.

Source – Global Trade

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https://indiantextilejournal.com/latest-textile-industry-news/india-s-cotton-production-likely-to-decrease-in-2020-21