Global cotton consumption will be lower than forecast last month, the International Cotton Advisory Committee said.
Demand will drop to 23.96 million metric tons in the 12 months starting Aug. 1, down from last month’s forecast of 24.28 million, the Washington-based group said in an e-mailed statement. Global use was projected at 23.138 million tons in the year ending July 31.
Production will be 25.47 million tons in the 12 months starting Aug. 1, down from 25.73 million estimated last month, the group said. Output will be an estimated 26.964 million in the 12 months ending July 31.
Inventories as of July 31, 2013, will be 14.63 million tons, compared with a March forecast of 14.54 million and the previous year’s 13.128 million, according to the data.