U.S. Cotton Industry Celebrates Another Large Export Crop

WASHINGTON, DC – U.S. exports of cotton declined 3 percent in 2020 to $6 billion but remained the fifth-highest export value on record. Exports to China surged by more than 150 percent to reach a 7-year high while exports to Pakistan realized their fifth consecutive record. Otherwise, exports to other markets were largely down, with 15 of the top 20 markets recording losses of more than 30 percent. Brazil, which saw its third consecutive record crop, increased its market share relative to the United States in 20 of the top 25 import markets. Global consumption in 2020 was dramatically affected by COVID-19 as consumer demand shrank and mill use fell by nearly 20 percent. Prices, however, rallied mid-year, supported by increasing prices for other commodities, and ended the year at a 2-year high. With that, according to the USDA outlook, U.S. cotton exports are forecast unchanged at 15.5 million bales for this upcoming crop year.
(SOURCE: All Ag News)