How did the cotton market show in July?
1. Major cotton consuming countries facing inflation
The clothing retail of Europe in May slowed than before. The retailers said customers cut down their consumption due to price rise and worries over consumption.
The data from American Commerce Department shows that the stock of clothes and fabrics from wholesalers increased by 49.28% compared with last year. And the stock consumption have kept increasing in 11 months. And the retailing of clothes in June dropped by 0.39% compared with May and the retailing kept dropping in 2 months.
Vietnam Textile and Garment Group predicts that the demand for textiles and garments will decrease in the second half of year because of overpurchasing and inflation.
2. Prediction of Cotton Harvest in Northern Hemisphere
The cotton output in India is expected to reach 5.987 trillion tons in 2022, which increases by 12.2% compared with 2021.
And the cotton grows well in America. The bolling rate goes up a lot.
But attention still needs to be paid to the weather in the following days.
3. Output Increase of Global Cotton in 2022
According to the ICAC, the global cotton output is 26.21 trillion tons, which goes up by 1.2% compared with 2021. The cotton comsuption will be 26.08 trillion tons, which goes down by 0.2% compared with 2021. The output surpasses the comsuption.