Due to insufficient cotton production in Mexico, US cotton imports are also increasing to meet the increasing demand for cotton from domestic factories. However, cotton production is expected to increase in the coming period to meet the demand of domestic factories. The expected increase in cotton harvested area will help boost domestic cotton production.
The area of cotton harvested in the market year (MY) 2019-20 was 230,000 hectares, but in 2020-21 it decreased by 38.26 percent to 142,000 hectares. Fiber2Fashion market analysis tool TexPro.. It is currently expected to increase by 8.45 percent from 2021 to 2010 to 154,000 hectares.
The Mexican cotton outlook is due to the consistent increase in demand for cotton around the world and the guaranteed advantage of logistical transport for trade under the United States-Mexico-Canada Agreement (USMCA). , Is gradually improving. Rising fares have also discouraged imports of garments from Asian countries and increased Mexican textile and garment production.
The country’s cotton production fell from a £ 16,61,480 veil in 2019-20 to a £ 1,068,000 veil in 2020-21. However, it is expected to increase by 10.66% from 2021 to 22 to £ 11,730,480 bales.
Mexico’s cotton imports will reach 570,000 480 lb veils in 2019-20 and 1 million 480 lb veils in 2020-21, up 10% from 2020-21 to reach 1.1 million. It is expected. A 480-pound bale of MY2021-22.
According to TexPro, Mexico consumed nearly 1.5 million pounds of cotton in 2019-20. Consumption is expected to grow 33.33 percent to £ 2 million and £ 480 in 2020-21, and to surge to £ 2.025 million in 2021-22.
Fiber2Fashion News Desk (KD)
The Mexican cotton outlook looks promising in MY 2021-22: TexPro
Source link The Mexican cotton outlook looks promising in MY 2021-22: TexPro