Mexico: Cotton and Products Update

Post forecasts marketing year 2023/24 production at 1.1 million 480-bales, a 30 percent decline compared to the previous year due to higher input costs and lack of access to new genetically engineered seed varieties. Local industry and government officials project output from the recent crop harvests will be significantly lower than in previous years. Consumption is forecast to decline due to slow growth in domestic demand, increased competition from synthetic fibers and yarn imports from Asia, and the peso’s appreciation against the dollar.