China: Cotton and Products Update
Link to report:
Estimated cotton imports for marketing year (MY) 22/23 are reduced to 2.2 million metric tons (MMT) on high carry-in stocks and higher domestic production. MY 22/23 production is increased to 6 MMT on higher yields in Xinjiang. China’s slowing economy and weak domestic demand reduced cotton use in MY 21/22 to 8 MMT and lowered imports to 1.76 MMT. On July 13, 2022, the state reserve announced plans to purchase up to 0.5 MMT of MY 21/22 Xinjiang cotton. As of the end of July, ginner stocks of MY 21/22 cotton were estimated at 2 MMT, much of it priced above market.
