US Cotton Export Sales Surge in 2023-24 Season
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- Published: Friday, 10 May 2024 02:52
The latest export sales report from the US Department of Agriculture (USDA) reveals a significant uptick in net sales of US Upland cotton for the 2023-24 season, showcasing robust demand in international markets. With net sales totaling 253,700 running bales (RB), each weighing 226.8 kg or 500 pounds, the figures reflect a notable increase from the previous week and the prior four-week average.
China emerged as a key importer, with a substantial increase in cotton export sales reaching 119,000 RB. While there was a slight decrease of 2,000 RB, the overall trend points to sustained demand. Pakistan, Vietnam, Turkiye, and Indonesia also contributed to the surge in export sales, with notable figures of 36,300 RB, 27,500 RB (including 1,800 RB switched from South Korea), 21,500 RB, and 19,600 RB respectively. However, these gains were partly offset by reductions in shipments to South Korea amounting to 500 RB.
Looking ahead to the 2024-25 season, net sales of Upland cotton reached 158,900 RB, indicating continued interest from international buyers. Honduras, South Korea, Mexico, Pakistan, and Bangladesh were among the primary destinations, with significant shipments recorded for each. Notably, exports of 249,600 RB marked a substantial increase of 39 percent from the previous week and 2 percent from the prior four-week average. China remained a top importer, followed by Turkiye, Pakistan, Bangladesh, and Vietnam.
Pima cotton also witnessed a positive trend in net sales for the 2023-24 season, totaling 5,600 RB, marking a 22 percent increase from the previous week. Despite a 19 percent decrease from the prior four-week average, notable increases in sales were recorded for India, Peru, China, Thailand, and Vietnam. However, reductions in sales for Guatemala offset some of these gains.
Export figures for Pima cotton stood at 8,200 RB, reflecting an 80 percent increase from the previous week. China, India, Vietnam, Turkiye, and Pakistan emerged as primary destinations for Pima cotton exports, signaling diverse market demand.
Overall, the surge in US cotton export sales for the 2023-24 season underscores the resilience and competitiveness of the US cotton industry in global markets. With sustained demand from key importing countries and a diverse portfolio of destinations, the outlook remains promising for the US cotton sector.