India to oust China as top cotton producer this year
The estimate also marks the first official nod from the USDA, whose crop estimates are often used as a benchmark across global agricultural markets, to an inflection point in world cotton supply and demand.
NEW YORK: India will be the world's No. 1 cotton grower this year, ousting China from the top spot for the first time in over 30 years, US government said on Thursday, reflecting a dramatic shift in global supplies amid uncertainty over Beijing's farm policy.
If the projections by the US Department of Agriculture (USDA) are accurate, it will mark the end of China's dominance of the global cotton market just as Beijing scraps its stockpiling program. The state reserve's purchasing has supported the country's farmers and boosted global prices for the past three years.
It also comes as the country's textile industry loses its competitive edge with soaring labor and raw material costs forcing some yarn makers to shift production overseas.
If the projections by the US Department of Agriculture (USDA) are accurate, it will mark the end of China's dominance of the global cotton market just as Beijing scraps its stockpiling program. The state reserve's purchasing has supported the country's farmers and boosted global prices for the past three years.
It also comes as the country's textile industry loses its competitive edge with soaring labor and raw material costs forcing some yarn makers to shift production overseas.
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