Vietnam, Pakistan, Indonesia, Bangladesh, and Turkey are projected to account for 47 percent of world cotton imports by 2030 while China’s cotton imports would drop to 24 percent, reveals the latest report Department of Agriculture’s Economic Research Service.
The report points out that China after joining WTO in 2001, became the world’s leading importer of cotton. However, China’s cotton imports dropped from their peak of 24.5 million bales in 2011 to 4.4 million bales in 2015, although they rebounded to 9.5 million bales in 2021 due manipulation by its government to keep global cotton prices low.
China’s share of US cotton was diluted by five countries including Pakistan as they expanded their textile industries and boosted cotton imports, which combined now exceed those of China. Market analysts project that cotton imports into these countries will rise by 8.1 million bales from 2021 to 2030. The Chinese import would rise less than half to 3.5 million bales. Pakistan, Bangladesh, Turkey, Vietnam, and Indonesia are projected to account for 47 percent of world cotton imports. China’s share in US cotton imports would decline to 24 percent only.
United States is major producers of cotton in the world. Its domestic demand is low as most of its spinning industry closed after 2001. Its farmers depend on foreign markets to dispose of their produce. The increasing geographic diversification of global cotton demand has helped U.S. cotton exports remain relatively robust. US authorities expect the cotton exports to increase by another 1.4 million bales , and ERS projects that those exports will rise by about 1.4 million bales between 2021 and 2030.