u.s. share in china declines...mar 01, 2006  · 1st qtr 2002 2nd qtr 2002 3rd qtr 2002 4th qtr 2002...

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U.S. Share in China Declines 0 180 360 540 720 900 1,080 1st Qtr 2002 2nd Qtr 2002 3rd Qtr 2002 4th Qtr 2002 1st Qtr 2003 2nd Qtr 2003 3rd Qtr 2003 4th Qtr 2003 1st Qtr 2004 2nd Qtr 2004 3rd Qtr 2004 4th Qtr 2004 1st Qtr 2005 2nd Qtr 2005 3rd Qtr 2005 4th Qtr 2005 1,000 mt. 0% 10% 20% 30% 40% 50% 60% 70% 80% S Amercia Other India FSU Australia Africa US US Share The United States has traditionally been the largest supplier of cotton to China, with a 52 percent share of China’s cotton imports since January 1995. However, since the beginning of the 2005/06 marketing year, the US share has averaged only 40 percent and has declined steadily during that period, reaching only 25 percent in January 2006. Nearly all other competitors have seen gains in market share since the beginning of the marketing year. The most notable are Africa, Australia, and India whose combined share so far in 2005/06 is 42 percent compared to 28 percent since the beginning of 1995. One factor in this change is that exportable supplies in the rest of the world outside of China in 2004/05 and 2005/06 are more than 25 percent higher than any time in the preceding 15 years. Australia’s large crops of the early 2000’s coincided with a period that saw very low imports by China and very strong demand in Indonesia. While China’s import demand increased in late 2003 and dramatically in early 2004, Australia was faced with significantly smaller crops. The larger Australian crops in 04/05 and 05/06 are well placed to compete with the US in China. African cotton production was stagnant in the early and mid 1990’s as China’s import demand increased, while demand in traditional African markets such as Europe remained firm. As demand in traditional markets began to decline in the late 1990’s so did import demand in China; however, now with continued declining demand in other markets, exports to China have expanded. India’s shift from being a net importer to a net exporter and the decline in demand in India’s traditional export markets of Japan and Europe, have been a major factor in their growth in share in China. Cotton: World Markets and Trade United States Department of Agriculture Foreign Agricultural Service March FC-3-06 Circular Series Approved by the World Agricultural Outlook Board

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Page 1: U.S. Share in China Declines...Mar 01, 2006  · 1st Qtr 2002 2nd Qtr 2002 3rd Qtr 2002 4th Qtr 2002 1st Qtr 2003 2nd Qtr 2003 3rd Qtr 2003 4th Qtr 2003 1st Qtr 2004 2nd Qtr 2004 3rd

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S Ame rciaOthe rIndiaFSUAustraliaAfricaUSUS Share

The United States has traditionally been the largest supplier of cotton to China, with a 52 percent share of China’s cotton imports since January 1995. However, since the beginning of the 2005/06 marketing year, the US share has averaged only 40 percent and has declined steadily during that period, reaching only 25 percent in January 2006. Nearly all other competitors have seen gains in market share since the beginning of the marketing year. The most notable are Africa, Australia, and India whose combined share so far in 2005/06 is 42 percent compared to 28 percent since the beginning of 1995. One factor in this change is that exportable supplies in the rest of the world outside of China in 2004/05 and 2005/06 are more than 25 percent higher than any time in the preceding 15 years.

Australia’s large crops of the early 2000’s coincided with a period that saw very low imports by China and very strong demand in Indonesia. While China’s import demand increased in late 2003 and dramatically in early 2004, Australia was faced with significantly smaller crops. The larger Australian crops in 04/05 and 05/06 are well placed to compete with the US in China.

African cotton production was stagnant in the early and mid 1990’s as China’s import demand increased, while demand in traditional African markets such as Europe remained firm. As demand in traditional markets began to decline in the late 1990’s so did import demand in China; however, now with continued declining demand in other markets, exports to China have expanded.

India’s shift from being a net importer to a net exporter and the decline in demand in India’s traditional export markets of Japan and Europe, have been a major factor in their growth in share in China.

Cotton: World Markets and Trade

United States Department of Agriculture

Foreign Agricultural Service

MarchFC-3-06Circular Series

Approved by the World Agricultural Outlook Board

Page 2: U.S. Share in China Declines...Mar 01, 2006  · 1st Qtr 2002 2nd Qtr 2002 3rd Qtr 2002 4th Qtr 2002 1st Qtr 2003 2nd Qtr 2003 3rd Qtr 2003 4th Qtr 2003 1st Qtr 2004 2nd Qtr 2004 3rd

Further Information Contact:

U.S. Department of Agriculture Foreign Agricultural Service

Cotton, Oilseeds, Tobacco, and Seeds Division Stop 1051

1400 Independence Ave., SW Washington, D.C. 20250-1051 Telephone -- (202) 720-9516

Fax -- (202) 690-1171

J. Lawrence Blum, Director Patrick Packnett, Deputy Director for Analysis

Peter W. Burr, Group Leader, Cotton and Tobacco

Principle Contributors

James Johnson.......................................................................................Senior Cotton Analyst [email protected] Teresa McKeivier.............................................Chairperson for Foreign Area and Production [email protected] Hooshang Fazel..............................Analyst, Middle East, Sub-continent, and Southeast Asia [email protected] Keith Scearce ........................................................ Analyst, Europe and Western Hemisphere [email protected] Morgan Haas........................................................................Analyst, Africa and Central Asia [email protected] Ryan Hajen.................................................................................. Analyst, Mexico and Russia [email protected]

Page 2, March 2006

Page 3: U.S. Share in China Declines...Mar 01, 2006  · 1st Qtr 2002 2nd Qtr 2002 3rd Qtr 2002 4th Qtr 2002 1st Qtr 2003 2nd Qtr 2003 3rd Qtr 2003 4th Qtr 2003 1st Qtr 2004 2nd Qtr 2004 3rd

List of Tables Summary of Changes (1,000 480-lb. bales)................................................................................ 4 Table 1. World Cotton Supply, Use and Trade 2000/01-2005/06 (1,000 metric tons) ...... 7 Table 2. World Cotton Supply, Use and Trade 2000/01-2005/06 (1,000 480-lb. bales) ... 8 Table 3. FY 2005 GSM-102 and Supplier Credit Programs .............................................. 9 Table 4. Area, Yield, and Production 2004/05-2005/06 .................................................. 10 Table 5. Cotton Supply & Distribution by Country 2005/06 (1,000 480-lb. bales)......... 11 Table 5-A. Cotton Supply & Distribution by Country 2005/06 (1,000 metric tons)............ 13 Table 6. Cotton Supply & Distribution by Country 2004/05 (1,000 480-lb. bales)......... 14 Table 6-A. Cotton Supply & Distribution by Country 2004/05 (1,000 metric tons)............ 17 Table 7. U.S. Export Sales Summary ............................................................................... 19 Table 8. Northern European Cotton and Adjusted World Price....................................... 20 Table 9. World Cotton Production, Yield, Supply, and Utilization ................................. 21 Table 10. United States Cotton Production, Yield, Supply, and Utilization ...................... 22 Table 11. Foreign Cotton Production, Yield, Supply, and Utilization ............................... 23

Page 3, March 2006

Page 4: U.S. Share in China Declines...Mar 01, 2006  · 1st Qtr 2002 2nd Qtr 2002 3rd Qtr 2002 4th Qtr 2002 1st Qtr 2003 2nd Qtr 2003 3rd Qtr 2003 4th Qtr 2003 1st Qtr 2004 2nd Qtr 2004 3rd

Marketing YearArea

HarvestedBeginning

Stocks Production Imports Use Loss ExportsEnding Stocks

Yield Kg/Ha

Summary of Changes in Estimates and Forecasts from Last Month(1,000 480 lb Bales and 1,000 Ha)

Argentina

2005/2006 0 0 00 0 0 50 -500

Australia

2005/2006 0 0 00 0 0 -100 1000

Belgium-Luxembourg

2005/2006 0 0 00 0 0 -5 50

Benin

2005/2006 -15 0 0-100 0 0 -50 -50-53

Bolivia

2000/2001 0 0 -60 -5 0 0 -10

2001/2002 0 -1 -240 -20 0 3 -80

2002/2003 0 -8 -240 -27 0 5 -100

2003/2004 0 -10 00 -10 0 5 -50

2004/2005 0 -5 110 0 0 5 10

2005/2006 0 1 150 5 0 5 60

Cameroon

2005/2006 0 0 0-75 0 0 -25 -50-73

Chad

2005/2006 0 0 025 0 0 25 016

Chile

2005/2006 0 0 100 5 0 0 50

China; Peoples Republic of

2005/2006 -40 0 7500 0 0 0 7509

Colombia

2005/2006 0 0 00 0 0 -5 50

Czech Republic

2005/2006 0 0 -250 -25 0 5 -50

Ecuador

2005/2006 0 0 100 5 0 0 50

Egypt

2005/2006 0 0 00 0 0 -50 500

France

2005/2006 0 0 200 10 0 0 100

Greece

2004/2005 0 0 00 0 0 20 -200

2005/2006 0 -20 00 0 0 -250 2300

Page 4, March 2006

Page 5: U.S. Share in China Declines...Mar 01, 2006  · 1st Qtr 2002 2nd Qtr 2002 3rd Qtr 2002 4th Qtr 2002 1st Qtr 2003 2nd Qtr 2003 3rd Qtr 2003 4th Qtr 2003 1st Qtr 2004 2nd Qtr 2004 3rd

Marketing YearArea

HarvestedBeginning

Stocks Production Imports Use Loss ExportsEnding Stocks

Yield Kg/Ha

Summary of Changes in Estimates and Forecasts from Last Month(1,000 480 lb Bales and 1,000 Ha)

India

2004/2005 -80 0 00 0 0 0 04

2005/2006 -50 0 0-300 -250 0 200 -250-5

Italy

2005/2006 0 0 -250 -25 0 0 00

Japan

2005/2006 0 0 -250 -25 0 0 00

Kazakhstan; Republic of

2005/2006 0 0 00 0 0 -25 250

Mexico

2005/2006 0 0 00 0 0 50 -500

Nigeria

2005/2006 0 0 25-20 0 0 0 5-11

Philippines

2005/2006 0 0 -250 -15 0 0 -100

Poland

2005/2006 0 0 -200 -20 0 0 00

Slovenia

2005/2006 0 0 -150 -10 0 0 -50

Spain

2005/2006 0 0 -150 0 0 25 -400

Syria

2005/2006 0 0 0-50 0 0 0 -50-46

Taiwan

2005/2006 0 0 -1000 -50 0 0 -500

Turkey

2003/2004 0 0 00 -200 0 0 2000

2004/2005 0 200 00 100 0 0 1000

2005/2006 0 100 -1500 -150 0 0 1000

Uganda

2005/2006 0 0 0-40 0 0 -25 -15-23

United States

2005/2006 0 0 -100 0 -10 400 -4000

Uzbekistan; Republic of

2005/2006 0 0 00 -100 0 50 500

Page 5, March 2006

Page 6: U.S. Share in China Declines...Mar 01, 2006  · 1st Qtr 2002 2nd Qtr 2002 3rd Qtr 2002 4th Qtr 2002 1st Qtr 2003 2nd Qtr 2003 3rd Qtr 2003 4th Qtr 2003 1st Qtr 2004 2nd Qtr 2004 3rd

Marketing YearArea

HarvestedBeginning

Stocks Production Imports Use Loss ExportsEnding Stocks

Yield Kg/Ha

Summary of Changes in Estimates and Forecasts from Last Month(1,000 480 lb Bales and 1,000 Ha)

Zimbabwe

2005/2006 20 0 0150 0 0 125 2580

World Total2000/2001 0 0 -120 -10 0 0 -202001/2002 0 -2 -480 -40 0 6 -1602002/2003 0 -16 -480 -54 0 10 -2002003/2004 0 -20 00 -420 0 10 39002004/2005 -160 390 220 200 0 50 16222005/2006 -170 162 840-820 -1,290 -20 800 692-1

Foreign Total2000/20012000/2001 0 0 -120 -10 0 0 -202001/20022001/2002 0 -2 -480 -40 0 6 -1602002/20032002/2003 0 -16 -480 -54 0 10 -2002003/20042003/2004 0 -20 00 -420 0 10 39002004/20052004/2005 -160 390 220 200 0 50 16222005/20062005/2006 -170 162 860-820 -1,290 0 0 1,492-1

Page 6, March 2006

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Percent change2002/03

2005/062000/01 2001/02

Table 1World Cotton Supply, Use, and Trade

2000/01 - 2005/06 (Season Beginning August 1)(1,000 Metric Tons)

Estimate Forecast2003/042004/05

ProductionWorld -5.8%24,67719,345 21,501 19,215 20,741 26,209China; Peoples Republic of -9.7%5,7044,420 5,313 4,921 4,855 6,314United States 2.0%5,1643,742 4,421 3,747 3,975 5,062India -3.7%3,9842,380 2,678 2,308 3,048 4,137Pakistan -13.7%2,1231,785 1,807 1,698 1,687 2,460Brazil -23.7%980939 766 847 1,310 1,285Turkey -14.5%773784 865 910 893 904Uzbekistan; Republic of 7.7%1,219958 1,067 1,002 893 1,132

3,7824,5844,337 4,729 7.9%4,081Other 4,915UseWorld 6.8%25,28920,065 20,531 21,398 21,309 23,677China; Peoples Republic of 16.9%9,7985,117 5,715 6,510 6,967 8,382India 11.5%3,5922,949 2,890 2,896 2,939 3,222Pakistan 9.3%2,5581,764 1,851 2,047 2,090 2,341United States -11.8%1,2851,929 1,676 1,584 1,354 1,457Turkey -2.8%1,5021,125 1,339 1,372 1,306 1,546Brazil -4.8%871914 827 784 860 914Indonesia 2.2%501533 501 490 468 490

5,7175,7325,734 5,182 -6.9%5,323Other 5,324ImportsWorld 29.2%9,3245,706 6,410 6,551 7,381 7,216China; Peoples Republic of 178.0%3,86550 98 681 1,923 1,390Turkey -1.7%729383 648 493 516 742Indonesia -4.2%501577 513 485 468 523Pakistan 0.0%37098 218 185 403 370Thailand -10.2%446342 410 423 365 497Bangladesh 2.9%381218 261 348 335 370Russian Federation 3.4%327359 392 359 321 316

3,5763,8703,679 2,705 -14.7%3,049Other 3,008ExportsWorld 21.7%9,1985,747 6,316 6,603 7,239 7,559United States 16.6%3,6581,467 2,395 2,591 2,995 3,137Uzbekistan; Republic of 13.9%980751 762 740 675 860Australia 47.4%642850 681 578 470 436Greece 11.1%283310 218 250 267 255Brazil 28.5%43569 147 106 210 339Burkina 38.5%294113 142 158 207 212India 185.7%43520 13 12 152 152

2,1661,9592,166 2,470 4.5%2,263Other 2,168Ending StocksWorld -1.7%11,59910,467 11,700 9,629 9,376 11,800China; Peoples Republic of 1.7%2,8934,304 4,125 3,266 3,257 2,844Brazil -23.6%845646 526 627 1,007 1,106India 7.1%1,978821 1,116 781 911 1,848United States 19.2%1,4371,306 1,622 1,172 763 1,206Pakistan -17.4%698576 710 491 442 845Turkey -8.4%356188 334 297 322 389Australia -14.6%363455 496 283 195 425

2,7122,7712,170 3,029 -8.6%2,479Other 3,138

Page 7, March 2006

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Percent change2002/03

2005/062000/01 2001/02

Table 2World Cotton Supply, Use, and Trade

2000/01 - 2005/06 (Season Beginning August 1)(1,000 480 Lb. Bales)

Estimate Forecast2003/042004/05

ProductionWorld 113,34188,850 98,751 88,251 -5.8%95,262 120,377China; Peoples Republic of 26,20020,300 24,400 22,600 -9.7%22,300 29,000United States 23,71917,188 20,303 17,209 2.0%18,255 23,251India 18,30010,931 12,300 10,600 -3.7%14,000 19,000Pakistan 9,7508,200 8,300 7,800 -13.7%7,750 11,300Brazil 4,5004,312 3,519 3,890 -23.7%6,015 5,900Turkey 3,5503,600 3,975 4,179 -14.5%4,100 4,150Uzbekistan; Republic of 5,6004,400 4,900 4,600 7.7%4,100 5,200

17,37321,05419,919 21,722 7.9%Other 18,742 22,576UseWorld 116,14992,159 94,298 98,280 6.8%97,870 108,747China; Peoples Republic of 45,00023,500 26,250 29,900 16.9%32,000 38,500India 16,50013,544 13,275 13,300 11.5%13,500 14,800Pakistan 11,7508,100 8,500 9,400 9.3%9,600 10,750United States 5,9008,862 7,696 7,273 -11.8%6,221 6,693Turkey 6,9005,167 6,150 6,300 -2.8%6,000 7,100Brazil 4,0004,200 3,800 3,600 -4.8%3,950 4,200Indonesia 2,3002,450 2,300 2,250 2.2%2,150 2,250

26,25726,32726,336 23,799 -6.9%Other 24,449 24,454ImportsWorld 42,82626,207 29,439 30,090 29.2%33,900 33,144China; Peoples Republic of 17,750230 449 3,127 178.0%8,832 6,385Turkey 3,3501,758 2,977 2,265 -1.7%2,370 3,409Indonesia 2,3002,650 2,356 2,228 -4.2%2,150 2,400Pakistan 1,700450 1,000 850 0.0%1,850 1,700Thailand 2,0501,573 1,882 1,945 -10.2%1,678 2,282Bangladesh 1,7501,000 1,200 1,600 2.9%1,540 1,700Russian Federation 1,5001,650 1,800 1,650 3.4%1,475 1,450

16,42517,77516,896 12,426 -14.7%Other 14,005 13,818ExportsWorld 42,24526,395 29,011 30,325 21.7%33,250 34,720United States 16,8006,740 11,000 11,900 16.6%13,758 14,409Uzbekistan; Republic of 4,5003,450 3,500 3,400 13.9%3,100 3,950Australia 2,9503,903 3,130 2,655 47.4%2,157 2,002Greece 1,3001,424 1,000 1,150 11.1%1,225 1,170Brazil 2,000315 674 489 28.5%964 1,557Burkina 1,350520 650 725 38.5%950 975India 2,00094 60 56 185.7%700 700

9,9508,9979,949 11,345 4.5%Other 10,396 9,957Ending StocksWorld 53,27548,073 53,735 44,225 -1.7%43,062 54,197China; Peoples Republic of 13,28819,766 18,948 14,999 1.7%14,958 13,063Brazil 3,8812,968 2,416 2,880 -23.6%4,626 5,081India 9,0863,773 5,126 3,586 7.1%4,186 8,486United States 6,6006,000 7,448 5,385 19.2%3,506 5,538Pakistan 3,2052,646 3,261 2,255 -17.4%2,030 3,880Turkey 1,635865 1,534 1,365 -8.4%1,478 1,785Australia 1,6682,089 2,276 1,301 -14.6%894 1,953

12,45412,7269,966 13,912 -8.6%Other 11,384 14,411

Page 8, March 2006

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Country (months)Central America 4/ 300.00 86.90 213.10 0.90 5.50 12.10India (36) 25.00 - 25.00 - 0.00 0.00Indonesia - - - - 0.00 -South Korea (36) 400.00 54.40 345.60 13.70 28.60 58.90Mexico (36) 200.00 - 200.00 - 38.70 41.40South America Region 6/ 700.00 14.60 685.40 3.50 9.80 20.80Turkey 500.00 76.70 423.30 35.50 112.80 200.40Other 1,675.00 447.00 1,228.00 - 0.00 22.20 TOTAL 3,800.00 679.60 3,120.40 53.60 195.40 355.80

(Million $ U.S.)

Country (days)Central America 4/ - - - - 0.00 -India - - - - 0.00 -Mexico - - - - 2.40 18.90Middle East Region 5/ - - - - 0.61 0.61South America Region 6/ - - - - 2.17 7.43Turkey - - - - 0.00 -Caribbean Region 7/ - - - - 0.00 -Other - - - - 0.00 -TOTAL - - - - 5.18 26.94

1/ Includes Cotton, Cotton Linters, Cotton Yarn, and Cotton Fabric.2/ Total Cotton Registrations includes registrations and/or cancellations from Oct 1, 2005.3/ Total Cotton Registrations includes registrations and/or cancellations from Oct 1, 2004.4/ Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama5/ Bahrain, Egypt, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, United Arab Emirates6/ Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Peru, and Venezuela

NOTES:

Registrations current as of February 6, 2006Mar-06

As of February 10, 2006 no allocations have been announced for the Supplier Credit Guarantee Program for FY 2006.

7/ Barbados, British Virgin Islands, Cayman Islands, Dominican Republic, Grenada, Haiti, Jamaica, Netherlands Antilles, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago

YTD YTD TotalAnnounced Allocation

Application received Balance

Table 3

FY 2006 GSM-102 Export Credit Guarantees Summary(Million $U.S.)

FY 2006 YTD Total for all Commodities

FY 2006Cotton Reg 1/, 2/

FY 2005 Cotton Reg 1/, 3/

FY 2005 Cotton Reg 1/, 3/

FY 2006 YTD Total for all Commodities

FY 2006Cotton Reg 1/, 2/

YTD YTD Total

FY 2006 Supplier Credit Guarantee Program (SCGP) Activity Summary

Announced Allocation

Application received Balance

Page 9, March 2006

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2004/2005 2005/2006 2005/20062005/20062004/2005 2004/2005

Area (1,000 Ha) Yield (KG/Ha) Production (1,000 Bales)

Table 4Cotton Area, Yield, and Production

World and Selected Countries and Regions

Western HemisphereUnited States 23,251 23,7195,284 5,545 958 931Brazil 5,900 4,5001,172 850 1,096 1,153Mexico 625 635105 126 1,296 1,097Argentina 675 610374 300 393 443Paraguay 300 400215 250 304 348Peru 298 27594 85 690 704Colombia 240 24065 75 804 697Others 148 14858 58 556 556Total 31,437 30,5277,367 7,289 929 912

EuropeEU 2,301 2,476466 446 1,075 1,209

Greece 1,800 1,975375 355 1,045 1,211Spain 500 50090 90 1,210 1,210

Others 12 124 4 653 653Total 2,313 2,488470 450 1,071 1,204

AfricaFZA 4,885 4,8102,610 2,450 408 427

Burkina 1,180 1,375550 575 467 521Mali 1,100 1,150533 540 449 464Cote d'Ivoire 600 570300 265 435 468Cameroon 500 500220 225 495 484Benin 670 500300 285 486 382Chad 375 375425 350 192 233Togo 325 230200 140 354 358Senegal 100 9042 40 518 490

Egypt 1,332 950307 273 945 758Tanzania; United R 525 575500 510 229 245Zimbabwe 350 500330 350 231 311Nigeria 420 400380 380 241 229Sudan 525 370210 170 544 474Zambia 350 350375 350 203 218Uganda 200 125400 375 109 73Mozambique 110 110155 155 155 155South Africa; Repu 95 9526 30 796 689Malawi 90 9047 47 417 417Others 232 242213 213 237 247Total 9,114 8,6175,553 5,303 357 354

Asia and OceaniaChina; Peoples Re 29,000 26,2005,690 5,060 1,110 1,127India 19,000 18,3008,920 8,850 464 450Pakistan 11,300 9,7503,190 3,150 771 674FSU 8,010 8,3852,588 2,775 674 658

Uzbekistan; Rep 5,200 5,6001,456 1,450 778 841Turkmenistan 920 975500 700 401 303Kazakhstan; Re 680 675216 200 685 735Tajikistan; Repu 800 625290 280 601 486Azerbaijan; Rep 225 32580 100 612 708Kyrgyzstan; Rep 185 18546 45 876 895

Turkey 4,150 3,550700 600 1,291 1,288Australia 3,000 2,600314 310 2,080 1,826Syria 1,600 1,550234 235 1,489 1,436Iran 615 550167 158 802 758Burma; Union of 270 270300 300 196 196Afghanistan 85 8550 50 370 370Israel 119 8014 10 1,851 1,742Others 364 389183 193 433 439Total 77,513 71,70922,350 21,691 755 720

ForeignTotal 97,126 89,62230,456 29,188 694 669

WorldTotal 120,377 113,34135,740 34,733 733 710

Page 10, March 2006

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Beg. Stocks End. StocksLossUseTotal SupplyImportsProduction Exports

2005/2006

Table 5Cotton Production, Supply and Distribution by Country

(1,000 480 lb Bales)MY

Afghanistan 13 85 0 98 70 0 15 13Albania 7 1 34 42 35 0 0 7Algeria 11 0 40 51 45 0 0 6Angola 2 5 3 10 5 0 3 2Argentina 573 610 100 1,283 640 9 150 484Armenia; Republic of 1 0 1 2 1 0 0 1Australia 1,953 2,600 0 4,553 60 -125 2,950 1,668Austria 30 0 110 140 115 0 6 19Azerbaijan; Republic of 110 325 0 435 25 0 275 135Bahrain 15 0 75 90 75 0 1 14Bangladesh 346 70 1,750 2,166 1,800 5 0 361Belarus 10 0 35 45 40 0 0 5Belgium-Luxembourg 28 0 175 203 100 0 75 28Benin 271 500 0 771 10 0 600 161Bolivia 36 48 30 114 65 0 10 39Brazil 5,081 4,500 200 9,781 4,000 -100 2,000 3,881Bulgaria 14 10 25 49 40 0 0 9Burkina 397 1,375 0 1,772 4 0 1,350 418Burma; Union of 77 270 3 350 200 0 75 75Cambodia 6 0 20 26 20 0 0 6Cameroon 170 500 0 670 45 0 475 150Canada 90 0 325 415 335 0 5 75Central African Republic 10 15 0 25 5 0 15 5Chad 123 375 0 498 15 0 375 108Chile 22 0 75 97 75 0 0 22China; Peoples Republic of 13,063 26,200 17,750 57,013 45,000 -1,300 25 13,288Colombia 68 240 180 488 400 5 5 78Congo; Democratic Rep of th 5 15 15 35 30 0 0 5Costa Rica 1 1 2 4 3 0 0 1Cote d'Ivoire 358 570 0 928 50 0 550 328Croatia 4 0 10 14 10 0 0 4Cuba 7 4 40 51 45 0 0 6Cyprus 1 0 2 3 2 0 0 1Czech Republic 36 0 185 221 175 0 20 26Denmark 1 0 1 2 1 0 0 1Dominican Republic 2 3 5 10 8 0 0 2Ecuador 17 9 55 81 65 0 0 16Egypt 770 950 525 2,245 1,000 13 550 682El Salvador 26 1 90 117 90 0 0 27Estonia 9 0 70 79 70 0 0 9Ethiopia 17 70 0 87 60 0 10 17France 38 0 220 258 190 0 30 38Germany 31 0 350 381 260 0 80 41Ghana 10 40 0 50 15 0 20 15Greece 480 1,975 20 2,475 400 50 1,300 725Guatemala 26 3 125 154 125 0 0 29Guinea 7 14 0 21 0 0 15 6Haiti 2 5 4 11 10 0 0 1Honduras 3 4 11 18 15 0 0 3Hong Kong 60 0 350 410 300 0 50 60Hungary 4 0 21 25 20 1 0 4India 8,486 18,300 800 27,586 16,500 0 2,000 9,086Indonesia 478 32 2,300 2,810 2,300 50 20 440Iran 180 550 25 755 525 0 100 130Iraq 19 30 70 119 100 0 0 19Ireland 1 0 1 2 1 0 0 1Israel 46 80 5 131 5 0 85 41Italy 147 0 775 922 775 10 15 122Japan 141 0 700 841 725 0 0 116Kazakhstan; Republic of 148 675 0 823 50 0 600 173Kenya 10 20 40 70 55 0 5 10Korea; Democratic Peoples R 10 55 10 75 65 0 0 10Korea; Republic of 419 1 1,175 1,595 1,200 0 10 385Kyrgyzstan; Republic of 37 185 0 222 5 0 180 37Latvia 4 0 10 14 10 0 0 4Lebanon 1 0 3 4 3 0 0 1Lithuania 4 0 20 24 20 0 0 4Macedonia, Republic of 2 1 5 8 6 0 0 2Madagascar 11 60 0 71 50 0 10 11Malawi 92 90 0 182 10 0 90 82

Page 11, March 2006

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Beg. Stocks End. StocksLossUseTotal SupplyImportsProduction Exports

2005/2006

Table 5Cotton Production, Supply and Distribution by Country

(1,000 480 lb Bales)MY

Malaysia 39 0 250 289 250 0 0 39Mali 387 1,150 0 1,537 20 0 1,150 367Mauritius 14 0 65 79 65 0 0 14Mexico 1,319 635 1,400 3,354 2,000 25 225 1,104Moldova; Republic of 4 0 10 14 10 0 0 4Morocco 30 1 150 181 150 0 0 31Mozambique 43 110 5 158 10 0 100 48Netherlands 3 0 5 8 5 0 1 2Nicaragua 2 10 0 12 1 0 9 2Niger 3 5 0 8 4 0 1 3Nigeria 144 400 70 614 360 0 125 129Norway 0 0 0 0 0 0 0 0Pakistan 3,880 9,750 1,700 15,330 11,750 25 350 3,205Panama 1 0 3 4 3 0 0 1Paraguay 102 400 0 502 30 0 375 97Peru 322 275 200 797 475 0 10 312Philippines 51 12 125 188 150 0 0 38Poland 19 0 180 199 180 0 1 18Portugal 98 1 275 374 300 0 2 72Romania 32 0 50 82 60 0 0 22Russian Federation 222 0 1,500 1,722 1,500 0 0 222Senegal 36 90 0 126 20 0 70 36Serbia and Montenegro 2 0 8 10 8 0 0 2Singapore 8 0 55 63 0 0 55 8Slovakia 2 0 10 12 10 0 0 2Slovenia 12 0 30 42 35 0 0 7Somalia 1 7 5 13 12 0 0 1South Africa; Republic of 68 95 120 283 225 0 0 58Spain 174 500 50 724 260 0 325 139Sri Lanka 1 5 5 11 10 0 0 1Sudan 310 370 0 680 8 0 425 247Sweden 1 0 1 2 1 0 0 1Switzerland 10 0 40 50 40 0 0 10Syria 499 1,550 0 2,049 725 0 825 499Taiwan 488 0 1,125 1,613 1,200 0 0 413Tajikistan; Republic of 195 625 0 820 150 0 500 170Tanzania; United Republic of 232 575 0 807 70 0 450 287Thailand 580 54 2,050 2,684 2,125 25 1 533Togo 147 230 0 377 15 0 230 132Tunisia 13 10 100 123 110 0 0 13Turkey 1,785 3,550 3,350 8,685 6,900 0 150 1,635Turkmenistan 529 975 0 1,504 425 0 550 529Uganda 135 125 0 260 20 0 125 115Ukraine 19 0 60 79 65 0 0 14United Kingdom 13 0 85 98 85 0 0 13United States 5,538 23,719 30 29,287 5,900 -13 16,800 6,600Uruguay 1 0 3 4 3 0 0 1Uzbekistan; Republic of 1,298 5,600 0 6,898 800 0 4,500 1,598Venezuela 34 60 40 134 100 0 0 34Vietnam 188 65 700 953 750 0 0 203Yemen 9 65 0 74 25 0 40 9Zambia 315 350 0 665 65 0 325 275Zimbabwe 161 500 0 661 90 15 375 181

54,197 -1,305116,149210,36442,826113,341 42,245 53,275World Total

* Loss for countries outside the United States reflects cotton lost or destroyed while in the marketing channel. For the United States, loss reflects the difference between stocks as reported by the Bureau of the Census and implict stocks based on supply plus total use. A negative "loss" is a positive number.

Page 12, March 2006

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Beg. Stocks End. StocksLossUseTotal SupplyImportsProduction Exports

2005/2006

Table 5ACotton Production, Supply and Distribution by Country

1,000 Metric TonsMY

Afghanistan 3 19 0 21 15 0 3 3Albania 2 0 7 9 8 0 0 2Algeria 2 0 9 11 10 0 0 1Angola 0 1 1 2 1 0 1 0Argentina 125 133 22 279 139 2 33 105Armenia; Republic of 0 0 0 0 0 0 0 0Australia 425 566 0 991 13 -27 642 363Austria 7 0 24 30 25 0 1 4Azerbaijan; Republic of 24 71 0 95 5 0 60 29Bahrain 3 0 16 20 16 0 0 3Bangladesh 75 15 381 472 392 1 0 79Belarus 2 0 8 10 9 0 0 1Belgium-Luxembourg 6 0 38 44 22 0 16 6Benin 59 109 0 168 2 0 131 35Bolivia 8 10 7 25 14 0 2 8Brazil 1,106 980 44 2,130 871 -22 435 845Bulgaria 3 2 5 11 9 0 0 2Burkina 86 299 0 386 1 0 294 91Burma; Union of 17 59 1 76 44 0 16 16Cambodia 1 0 4 6 4 0 0 1Cameroon 37 109 0 146 10 0 103 33Canada 20 0 71 90 73 0 1 16Central African Republic 2 3 0 5 1 0 3 1Chad 27 82 0 108 3 0 82 24Chile 5 0 16 21 16 0 0 5China; Peoples Republic of 2,844 5,704 3,865 12,413 9,798 -283 5 2,893Colombia 15 52 39 106 87 1 1 17Congo; Democratic Rep of th 1 3 3 8 7 0 0 1Costa Rica 0 0 0 1 1 0 0 0Cote d'Ivoire 78 124 0 202 11 0 120 71Croatia 1 0 2 3 2 0 0 1Cuba 2 1 9 11 10 0 0 1Cyprus 0 0 0 1 0 0 0 0Czech Republic 8 0 40 48 38 0 4 6Denmark 0 0 0 0 0 0 0 0Dominican Republic 0 1 1 2 2 0 0 0Ecuador 4 2 12 18 14 0 0 3Egypt 168 207 114 489 218 3 120 148El Salvador 6 0 20 25 20 0 0 6Estonia 2 0 15 17 15 0 0 2Ethiopia 4 15 0 19 13 0 2 4France 8 0 48 56 41 0 7 8Germany 7 0 76 83 57 0 17 9Ghana 2 9 0 11 3 0 4 3Greece 105 430 4 539 87 11 283 158Guatemala 6 1 27 34 27 0 0 6Guinea 2 3 0 5 0 0 3 1Haiti 0 1 1 2 2 0 0 0Honduras 1 1 2 4 3 0 0 1Hong Kong 13 0 76 89 65 0 11 13Hungary 1 0 5 5 4 0 0 1India 1,848 3,984 174 6,006 3,592 0 435 1,978Indonesia 104 7 501 612 501 11 4 96Iran 39 120 5 164 114 0 22 28Iraq 4 7 15 26 22 0 0 4Ireland 0 0 0 0 0 0 0 0Israel 10 17 1 29 1 0 19 9Italy 32 0 169 201 169 2 3 27Japan 31 0 152 183 158 0 0 25Kazakhstan; Republic of 32 147 0 179 11 0 131 38Kenya 2 4 9 15 12 0 1 2Korea; Democratic Peoples R 2 12 2 16 14 0 0 2Korea; Republic of 91 0 256 347 261 0 2 84Kyrgyzstan; Republic of 8 40 0 48 1 0 39 8Latvia 1 0 2 3 2 0 0 1Lebanon 0 0 1 1 1 0 0 0Lithuania 1 0 4 5 4 0 0 1Macedonia, Republic of 0 0 1 2 1 0 0 0Madagascar 2 13 0 15 11 0 2 2Malawi 20 20 0 40 2 0 20 18

Page 13, March 2006

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Beg. Stocks End. StocksLossUseTotal SupplyImportsProduction Exports

2005/2006

Table 5ACotton Production, Supply and Distribution by Country

1,000 Metric TonsMY

Malaysia 8 0 54 63 54 0 0 8Mali 84 250 0 335 4 0 250 80Mauritius 3 0 14 17 14 0 0 3Mexico 287 138 305 730 435 5 49 240Moldova; Republic of 1 0 2 3 2 0 0 1Morocco 7 0 33 39 33 0 0 7Mozambique 9 24 1 34 2 0 22 10Netherlands 1 0 1 2 1 0 0 0Nicaragua 0 2 0 3 0 0 2 0Niger 1 1 0 2 1 0 0 1Nigeria 31 87 15 134 78 0 27 28Norway 0 0 0 0 0 0 0 0Pakistan 845 2,123 370 3,338 2,558 5 76 698Panama 0 0 1 1 1 0 0 0Paraguay 22 87 0 109 7 0 82 21Peru 70 60 44 174 103 0 2 68Philippines 11 3 27 41 33 0 0 8Poland 4 0 39 43 39 0 0 4Portugal 21 0 60 81 65 0 0 16Romania 7 0 11 18 13 0 0 5Russian Federation 48 0 327 375 327 0 0 48Senegal 8 20 0 27 4 0 15 8Serbia and Montenegro 0 0 2 2 2 0 0 0Singapore 2 0 12 14 0 0 12 2Slovakia 0 0 2 3 2 0 0 0Slovenia 3 0 7 9 8 0 0 2Somalia 0 2 1 3 3 0 0 0South Africa; Republic of 15 21 26 62 49 0 0 13Spain 38 109 11 158 57 0 71 30Sri Lanka 0 1 1 2 2 0 0 0Sudan 67 81 0 148 2 0 93 54Sweden 0 0 0 0 0 0 0 0Switzerland 2 0 9 11 9 0 0 2Syria 109 337 0 446 158 0 180 109Taiwan 106 0 245 351 261 0 0 90Tajikistan; Republic of 42 136 0 179 33 0 109 37Tanzania; United Republic of 51 125 0 176 15 0 98 62Thailand 126 12 446 584 463 5 0 116Togo 32 50 0 82 3 0 50 29Tunisia 3 2 22 27 24 0 0 3Turkey 389 773 729 1,891 1,502 0 33 356Turkmenistan 115 212 0 327 93 0 120 115Uganda 29 27 0 57 4 0 27 25Ukraine 4 0 13 17 14 0 0 3United Kingdom 3 0 19 21 19 0 0 3United States 1,206 5,164 7 6,377 1,285 -3 3,658 1,437Uruguay 0 0 1 1 1 0 0 0Uzbekistan; Republic of 283 1,219 0 1,502 174 0 980 348Venezuela 7 13 9 29 22 0 0 7Vietnam 41 14 152 207 163 0 0 44Yemen 2 14 0 16 5 0 9 2Zambia 69 76 0 145 14 0 71 60Zimbabwe 35 109 0 144 20 3 82 39

11,800 -28425,28945,8029,32424,677 9,198 11,599World Total

* Loss for countries outside the United States reflects cotton lost or destroyed while in the marketing channel. For the United States, loss reflects the difference between stocks as reported by the Bureau of the Census and implict stocks based on supply plus total use. A negative "loss" is a positive number.

Page 14, March 2006

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Beg. Stocks End. StocksLossUseTotal SupplyImportsProduction Exports

2004/2005

Table 6Cotton Production, Supply and Distribution by Country

(1,000 480 lb Bales)MY

Afghanistan 13 85 0 98 70 0 15 13Albania 7 1 34 42 35 0 0 7Algeria 4 0 52 56 45 0 0 11Angola 4 5 3 12 5 0 5 2Argentina 515 675 110 1,300 620 9 98 573Armenia; Republic of 1 0 1 2 1 0 0 1Australia 894 3,000 1 3,895 65 -125 2,002 1,953Austria 17 0 144 161 125 0 6 30Azerbaijan; Republic of 70 225 0 295 25 0 160 110Bahrain 16 0 75 91 75 0 1 15Bangladesh 316 60 1,700 2,076 1,725 5 0 346Belarus 15 0 45 60 50 0 0 10Belgium-Luxembourg 11 0 205 216 115 0 73 28Benin 186 670 0 856 10 0 575 271Bolivia 22 48 36 106 60 0 10 36Brazil 4,626 5,900 212 10,738 4,200 -100 1,557 5,081Bulgaria 20 10 34 64 50 0 0 14Burkina 196 1,180 0 1,376 4 0 975 397Burma; Union of 64 270 3 337 210 0 50 77Cambodia 6 0 20 26 20 0 0 6Cameroon 115 500 0 615 45 0 400 170Canada 87 0 365 452 360 0 2 90Central African Republic 10 30 0 40 5 0 25 10Chad 63 375 0 438 15 0 300 123Chile 15 0 77 92 70 0 0 22China; Peoples Republic of 14,958 29,000 6,385 50,343 38,500 -1,250 30 13,063Colombia 103 240 141 484 400 5 11 68Congo; Democratic Rep of th 5 15 15 35 30 0 0 5Costa Rica 1 1 2 4 3 0 0 1Cote d'Ivoire 323 600 0 923 65 0 500 358Croatia 3 0 10 13 9 0 0 4Cuba 8 4 40 52 45 0 0 7Cyprus 1 0 2 3 2 0 0 1Czech Republic 36 0 230 266 220 0 10 36Denmark 1 0 1 2 1 0 0 1Dominican Republic 2 3 5 10 8 0 0 2Ecuador 16 9 57 82 65 0 0 17Egypt 601 1,332 400 2,333 950 13 600 770El Salvador 25 1 95 121 95 0 0 26Estonia 12 0 67 79 70 0 0 9Ethiopia 17 70 0 87 60 0 10 17France 44 0 242 286 215 0 33 38Germany 23 0 373 396 280 0 85 31Ghana 10 30 10 50 30 0 10 10Greece 390 1,800 10 2,200 500 50 1,170 480Guatemala 22 3 115 140 110 0 4 26Guinea 10 14 0 24 0 0 17 7Haiti 3 5 4 12 10 0 0 2Honduras 3 4 11 18 15 0 0 3Hong Kong 72 0 318 390 300 0 30 60Hungary 7 0 27 34 25 1 4 4India 4,186 19,000 800 23,986 14,800 0 700 8,486Indonesia 366 32 2,400 2,798 2,250 50 20 478Iran 115 615 50 780 550 0 50 180Iraq 19 30 70 119 100 0 0 19Ireland 1 0 1 2 1 0 0 1Israel 43 119 3 165 5 0 114 46Italy 143 0 962 1,105 925 10 23 147Japan 141 0 815 956 815 0 0 141Kazakhstan; Republic of 133 680 0 813 40 0 625 148Kenya 10 20 40 70 55 0 5 10Korea; Democratic Peoples R 10 55 10 75 65 0 0 10Korea; Republic of 409 1 1,343 1,753 1,325 0 9 419Kyrgyzstan; Republic of 32 185 0 217 5 0 175 37Latvia 4 0 15 19 15 0 0 4Lebanon 1 0 3 4 3 0 0 1Lithuania 7 0 24 31 25 0 2 4Macedonia, Republic of 2 1 5 8 6 0 0 2Madagascar 11 60 0 71 50 0 10 11Malawi 102 90 0 192 10 0 90 92

Page 15, March 2006

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Beg. Stocks End. StocksLossUseTotal SupplyImportsProduction Exports

2004/2005

Table 6Cotton Production, Supply and Distribution by Country

(1,000 480 lb Bales)MY

Malaysia 36 0 254 290 250 0 1 39Mali 257 1,100 0 1,357 20 0 950 387Mauritius 19 0 65 84 65 0 5 14Mexico 1,144 625 1,810 3,579 2,100 25 135 1,319Moldova; Republic of 4 0 10 14 10 0 0 4Morocco 29 1 150 180 150 0 0 30Mozambique 38 110 5 153 10 0 100 43Netherlands 4 0 10 14 8 0 3 3Nicaragua 2 10 0 12 1 0 9 2Niger 3 5 0 8 4 0 1 3Nigeria 129 420 70 619 375 0 100 144Norway 0 0 0 0 0 0 0 0Pakistan 2,030 11,300 1,700 15,030 10,750 25 375 3,880Panama 1 0 3 4 3 0 0 1Paraguay 129 300 0 429 30 0 297 102Peru 226 298 221 745 415 0 8 322Philippines 43 11 157 211 160 0 0 51Poland 15 0 205 220 200 0 1 19Portugal 99 1 325 425 325 0 2 98Romania 40 0 77 117 85 0 0 32Russian Federation 197 0 1,450 1,647 1,425 0 0 222Senegal 26 100 0 126 20 0 70 36Serbia and Montenegro 4 0 8 12 10 0 0 2Singapore 8 0 55 63 0 0 55 8Slovakia 4 0 15 19 10 0 7 2Slovenia 11 0 47 58 45 0 1 12Somalia 1 7 5 13 12 0 0 1South Africa; Republic of 98 95 124 317 249 0 0 68Spain 114 500 75 689 280 0 235 174Sri Lanka 3 5 3 11 10 0 0 1Sudan 78 525 0 603 9 0 284 310Sweden 2 0 1 3 2 0 0 1Switzerland 13 0 47 60 45 0 5 10Syria 299 1,600 0 1,899 700 0 700 499Taiwan 351 0 1,337 1,688 1,200 0 0 488Tajikistan; Republic of 157 800 0 957 150 0 612 195Tanzania; United Republic of 152 525 0 677 70 0 375 232Thailand 418 57 2,282 2,757 2,150 25 2 580Togo 122 325 0 447 15 0 285 147Tunisia 13 10 100 123 110 0 0 13Turkey 1,478 4,150 3,409 9,037 7,100 0 152 1,785Turkmenistan 399 920 0 1,319 415 0 375 529Uganda 80 200 0 280 20 15 110 135Ukraine 13 0 66 79 60 0 0 19United Kingdom 15 0 83 98 85 0 0 13United States 3,506 23,251 29 26,786 6,693 146 14,409 5,538Uruguay 1 0 3 4 3 0 0 1Uzbekistan; Republic of 923 5,200 0 6,123 875 0 3,950 1,298Venezuela 29 60 45 134 100 0 0 34Vietnam 135 48 680 863 675 0 0 188Yemen 9 65 0 74 25 0 40 9Zambia 255 350 0 605 65 0 225 315Zimbabwe 176 350 0 526 100 15 250 161

43,062 -1,081108,747196,58333,144120,377 34,720 54,197World Total

* Loss for countries outside the United States reflects cotton lost or destroyed while in the marketing channel. For the United States, loss reflects the difference between stocks as reported by the Bureau of the Census and implict stocks based on supply plus total use. A negative "loss" is a positive number.

Page 16, March 2006

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Beg. Stocks End. StocksLossUseTotal SupplyImportsProduction Exports

2004/2005

Table 6ACotton Production, Supply and Distribution by Country

1,000 Metric TonsMY

Afghanistan 3 19 0 21 15 0 3 3Albania 2 0 7 9 8 0 0 2Algeria 1 0 11 12 10 0 0 2Angola 1 1 1 3 1 0 1 0Argentina 112 147 24 283 135 2 21 125Armenia; Republic of 0 0 0 0 0 0 0 0Australia 195 653 0 848 14 -27 436 425Austria 4 0 31 35 27 0 1 7Azerbaijan; Republic of 15 49 0 64 5 0 35 24Bahrain 3 0 16 20 16 0 0 3Bangladesh 69 13 370 452 376 1 0 75Belarus 3 0 10 13 11 0 0 2Belgium-Luxembourg 2 0 45 47 25 0 16 6Benin 40 146 0 186 2 0 125 59Bolivia 5 10 8 23 13 0 2 8Brazil 1,007 1,285 46 2,338 914 -22 339 1,106Bulgaria 4 2 7 14 11 0 0 3Burkina 43 257 0 300 1 0 212 86Burma; Union of 14 59 1 73 46 0 11 17Cambodia 1 0 4 6 4 0 0 1Cameroon 25 109 0 134 10 0 87 37Canada 19 0 79 98 78 0 0 20Central African Republic 2 7 0 9 1 0 5 2Chad 14 82 0 95 3 0 65 27Chile 3 0 17 20 15 0 0 5China; Peoples Republic of 3,257 6,314 1,390 10,961 8,382 -272 7 2,844Colombia 22 52 31 105 87 1 2 15Congo; Democratic Rep of th 1 3 3 8 7 0 0 1Costa Rica 0 0 0 1 1 0 0 0Cote d'Ivoire 70 131 0 201 14 0 109 78Croatia 1 0 2 3 2 0 0 1Cuba 2 1 9 11 10 0 0 2Cyprus 0 0 0 1 0 0 0 0Czech Republic 8 0 50 58 48 0 2 8Denmark 0 0 0 0 0 0 0 0Dominican Republic 0 1 1 2 2 0 0 0Ecuador 3 2 12 18 14 0 0 4Egypt 131 290 87 508 207 3 131 168El Salvador 5 0 21 26 21 0 0 6Estonia 3 0 15 17 15 0 0 2Ethiopia 4 15 0 19 13 0 2 4France 10 0 53 62 47 0 7 8Germany 5 0 81 86 61 0 19 7Ghana 2 7 2 11 7 0 2 2Greece 85 392 2 479 109 11 255 105Guatemala 5 1 25 30 24 0 1 6Guinea 2 3 0 5 0 0 4 2Haiti 1 1 1 3 2 0 0 0Honduras 1 1 2 4 3 0 0 1Hong Kong 16 0 69 85 65 0 7 13Hungary 2 0 6 7 5 0 1 1India 911 4,137 174 5,222 3,222 0 152 1,848Indonesia 80 7 523 609 490 11 4 104Iran 25 134 11 170 120 0 11 39Iraq 4 7 15 26 22 0 0 4Ireland 0 0 0 0 0 0 0 0Israel 9 26 1 36 1 0 25 10Italy 31 0 209 241 201 2 5 32Japan 31 0 177 208 177 0 0 31Kazakhstan; Republic of 29 148 0 177 9 0 136 32Kenya 2 4 9 15 12 0 1 2Korea; Democratic Peoples R 2 12 2 16 14 0 0 2Korea; Republic of 89 0 292 382 288 0 2 91Kyrgyzstan; Republic of 7 40 0 47 1 0 38 8Latvia 1 0 3 4 3 0 0 1Lebanon 0 0 1 1 1 0 0 0Lithuania 2 0 5 7 5 0 0 1Macedonia, Republic of 0 0 1 2 1 0 0 0Madagascar 2 13 0 15 11 0 2 2Malawi 22 20 0 42 2 0 20 20

Page 17, March 2006

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Beg. Stocks End. StocksLossUseTotal SupplyImportsProduction Exports

2004/2005

Table 6ACotton Production, Supply and Distribution by Country

1,000 Metric TonsMY

Malaysia 8 0 55 63 54 0 0 8Mali 56 239 0 295 4 0 207 84Mauritius 4 0 14 18 14 0 1 3Mexico 249 136 394 779 457 5 29 287Moldova; Republic of 1 0 2 3 2 0 0 1Morocco 6 0 33 39 33 0 0 7Mozambique 8 24 1 33 2 0 22 9Netherlands 1 0 2 3 2 0 1 1Nicaragua 0 2 0 3 0 0 2 0Niger 1 1 0 2 1 0 0 1Nigeria 28 91 15 135 82 0 22 31Norway 0 0 0 0 0 0 0 0Pakistan 442 2,460 370 3,272 2,341 5 82 845Panama 0 0 1 1 1 0 0 0Paraguay 28 65 0 93 7 0 65 22Peru 49 65 48 162 90 0 2 70Philippines 9 2 34 46 35 0 0 11Poland 3 0 45 48 44 0 0 4Portugal 22 0 71 93 71 0 0 21Romania 9 0 17 25 19 0 0 7Russian Federation 43 0 316 359 310 0 0 48Senegal 6 22 0 27 4 0 15 8Serbia and Montenegro 1 0 2 3 2 0 0 0Singapore 2 0 12 14 0 0 12 2Slovakia 1 0 3 4 2 0 2 0Slovenia 2 0 10 13 10 0 0 3Somalia 0 2 1 3 3 0 0 0South Africa; Republic of 21 21 27 69 54 0 0 15Spain 25 109 16 150 61 0 51 38Sri Lanka 1 1 1 2 2 0 0 0Sudan 17 114 0 131 2 0 62 67Sweden 0 0 0 1 0 0 0 0Switzerland 3 0 10 13 10 0 1 2Syria 65 348 0 413 152 0 152 109Taiwan 76 0 291 368 261 0 0 106Tajikistan; Republic of 34 174 0 208 33 0 133 42Tanzania; United Republic of 33 114 0 147 15 0 82 51Thailand 91 12 497 600 468 5 0 126Togo 27 71 0 97 3 0 62 32Tunisia 3 2 22 27 24 0 0 3Turkey 322 904 742 1,968 1,546 0 33 389Turkmenistan 87 200 0 287 90 0 82 115Uganda 17 44 0 61 4 3 24 29Ukraine 3 0 14 17 13 0 0 4United Kingdom 3 0 18 21 19 0 0 3United States 763 5,062 6 5,832 1,457 32 3,137 1,206Uruguay 0 0 1 1 1 0 0 0Uzbekistan; Republic of 201 1,132 0 1,333 191 0 860 283Venezuela 6 13 10 29 22 0 0 7Vietnam 29 10 148 188 147 0 0 41Yemen 2 14 0 16 5 0 9 2Zambia 56 76 0 132 14 0 49 69Zimbabwe 38 76 0 115 22 3 54 35

9,376 -23523,67742,8017,21626,209 7,559 11,800World Total

* Loss for countries outside the United States reflects cotton lost or destroyed while in the marketing channel. For the United States, loss reflects the difference between stocks as reported by the Bureau of the Census and implict stocks based on supply plus total use. A negative "loss" is a positive number.

Page 18, March 2006

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02-Feb-06 through 02-Mar-06

Pima All Upland >1-1/16" 1" to 1-1/16" < 1"

European Union - 25 4.5 1.5 1.4 0.1 0.0Other Europe 17.5 103.2 86.0 17.3 0.0Eastern Europe 0.0 0.0 0.0 0.0 0.0Former Soviet Union - 12 0.0 0.0 0.0 0.0 0.0Japan -2.7 20.4 20.0 0.4 0.0Taiwan 2.0 57.1 54.9 1.2 1.0China 98.1 794.4 765.7 28.7 0.0Korea, Republic of 1.7 26.6 24.5 2.1 0.0India 2.7 2.2 2.2 0.0 0.0Other Asian and Oceania 21.5 131.5 137.3 -5.8 0.0Africa 0.0 0.0 0.0 0.0 0.0Western Hemisphere 0.0 136.6 110.2 26.4 0.0Unknown -0.2 -4.1 -4.1 0.0 0.0

4-week TOTAL 145.2 1269.5 1198.1 70.3 1.0Weekly Net Sales Average 36.3 317.4 299.5 17.6 0.3

through

Pima All Upland >1-1/16" 1" to 1-1/16" < 1"

4-week TOTAL 106.6 1140.9 994.0 144.2 2.8Weekly Net Sales Average 26.7 285.2 248.5 36.1 0.7

Note: Totals may not add due to rounding.Source: USDA/FAS Mar-06

Accumulated ExportsOutstanding SalesTotal Commitments

Weekly Export Average

Mar-06

03-Feb-05 03-Mar-05

02-Mar-06 03-Mar-05

Table 7

Monthly Net Sales

---------Upland---------

Current Marketing Year

U.S. Export Sales SummaryMY 2005/06

(1,000 Running Bales)

Previous Marketing Year

---------Upland---------

195.3

7,611.1 6,053.05,523.9 4,979.813,135.0245.5

11,032.8

Note: Totals may not add due to rounding.Source: USDA/FAS

All Cotton Totals, Marketing Year-YTD

(31-week TOTAL) (31-week TOTAL)

Current MY as of Previous MY as of

Page 19, March 2006

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Table 8

Northern European Cotton Price Quotations and USDA's Adjusted World Price (in cents per pound)

Date Cotlook Northen Europe (NE)

Lowest U.S. Quote

U.S. - NE Lowest NE Quote Adjusted World Price

Yearly Average1994/1995 91.08 94.02 2.94 81.06 76.121995/1996 85.52 93.02 7.50 81.95 71.141996/1997 78.60 82.71 4.12 74.89 64.121997/1998 72.15 77.23 5.08 66.91 58.241998/1999 58.90 69.42 10.53 57.81 44.641999/2000 52.88 60.98 8.10 49.35 38.912000/2001 57.34 61.91 4.57 54.79 44.002001/2002 41.80 45.06 3.26 41.39 28.492002/2003 55.68 60.07 4.40 53.44 43.092003/2004 69.18 72.76 3.58 69.23 55.062004/2005 53.53 56.70 3.18 50.23 38.912005/2006 57.22 60.65 3.42 56.50 41.22

Monthly AverageAugust 2004 53.56 53.21 -0.35 52.02 38.13September 2004 56.57 56.08 -0.49 53.00 41.54October 2004 52.68 53.75 1.07 51.45 37.65November 2004 49.21 52.57 3.36 47.84 34.33December 2004 48.60 52.62 4.02 48.17 33.54January 2005 51.28 55.10 3.82 50.16 36.08February 2005 52.17 54.05 1.89 51.95 36.65March 2005 56.40 60.20 3.81 55.73 41.27April 2005 56.95 61.26 4.31 55.79 42.12May 2005 55.84 59.81 3.97 55.54 42.30June 2005 53.99 59.06 5.07 53.01 40.91July 2005 55.06 62.79 7.73 53.21 42.07August 2005 54.07 56.83 2.76 53.26 38.54September 2005 54.86 59.40 4.53 54.34 38.49October 2005 58.37 62.67 4.30 56.68 42.92November 2005 56.83 60.16 3.33 55.51 41.58December 2005 56.53 60.76 4.24 55.48 41.01January 2006 59.10 62.14 3.04 58.27 43.38February 2006 60.75 62.68 1.93 60.16 45.22March 2006 59.22 61.75 2.53 58.95 44.60

Weekly Average10/6/2005 57.11 61.70 4.59 55.80 41.6310/13/2005 58.48 62.90 4.42 56.60 43.0010/20/2005 59.34 63.85 4.51 57.65 43.8610/27/2005 58.68 62.80 4.12 57.00 43.2011/3/2005 57.47 60.95 3.48 55.75 41.9911/10/2005 57.16 59.95 2.79 55.70 41.6811/17/2005 57.02 59.90 2.88 55.80 41.5411/24/2005 56.57 60.30 3.73 55.35 41.0912/1/2005 56.02 59.95 3.93 54.95 40.5412/8/2005 55.75 59.60 3.85 54.75 40.2712/15/2005 56.51 60.95 4.44 55.30 41.0312/22/2005 56.77 61.10 4.33 55.65 41.2912/30/2005 57.35 61.50 4.15 56.501/5/2006 57.88 62.08 4.20 57.25 42.271/12/2006 58.63 62.00 3.37 58.00 43.151/19/2006 59.06 61.90 2.84 58.25 43.581/26/2006 59.96 62.65 2.69 58.85 44.522/2/2006 59.73 62.05 2.32 58.85 44.292/9/2006 60.92 62.90 1.98 59.95 45.482/16/2006 61.00 62.65 1.65 60.20 45.562/23/2006 60.98 62.80 1.82 60.65 45.543/2/2006 60.04 62.40 2.36 59.95 44.603/7/2006 59.00 61.42 2.42 58.58

1. The Cotlook Northern Europe quote is the average of the five lowest quotes of the following descriptions (all 1-3/32"): Memphis Terr.; Calif. Ariz; Mexico; Central America; Paraguayan; Turkish; Uzbeki; Pakistani 1503; Indian H-4; Chinese Type 329; West African; Tanzanian; Greek; Syrian; and Australian. Prior to 1 August 2004, was refered to as the "A-Index"

2. Reflects incorporation of forward shipment quotations but does not include the Secretary's discretionary adjustmentsAverages for August 1998 and forward reflect 1998/99 quotations; others are 1997/98 quotationsSOURCE: Cotlook, Ltd. United Kingdom

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World

1,000 Hectares

Begining Stocks

Production Ending Stocks

LossImports Consumption

Yield Kg/Ha

Total Supply

Exports

Cotton Production, Yield, Supply and UtilizationTable 9

(1,000 480-Lb. Bales, 1961/1962-2005/2006)Marketing

Year

18,875 44,566 19,181-19315,986 44,804 15,63579,4272991961/1962 32,420

19,181 46,989 23,033-30916,472 43,990 15,92882,6423221962/1963 31,761

23,033 50,815 26,048-18417,790 47,786 17,98891,6383371963/1964 32,852

26,048 53,746 29,001017,370 51,225 16,93897,1643491964/1965 33,526

29,001 56,949 32,550-26017,133 53,827 16,966103,0833721965/1966 33,288

32,550 52,260 28,4541518,009 56,043 18,307102,8193651966/1967 31,168

28,456 51,560 23,581-917,368 56,192 17,62097,3843631967/1968 30,923

23,581 56,893 23,9763516,935 56,368 17,03097,4093881968/1969 31,913

23,976 54,326 22,390-9517,698 55,970 17,73596,0003641969/1970 32,461

22,390 55,572 21,8451424,612 57,133 23,582102,5743801970/1971 31,803

21,845 59,152 22,449124,669 58,381 24,835105,6663901971/1972 33,023

22,449 61,867 24,487-10927,377 59,499 27,816111,6934021972/1973 33,541

24,487 62,478 27,1586326,744 60,268 26,220113,7094141973/1974 32,846

27,158 63,817 33,35211123,824 57,041 24,295114,7994151974/1975 33,509

33,352 53,975 25,90114526,286 61,600 25,967113,6133931975/1976 29,874

25,901 56,527 22,38013824,931 60,238 24,603107,3594031976/1977 30,535

22,380 63,908 25,63730827,120 61,022 26,441113,4084141977/1978 33,576

25,637 59,496 21,856-7627,129 63,229 27,253112,2623941978/1979 32,904

21,856 65,446 21,2321030,506 65,904 30,662117,8084421979/1980 32,219

21,232 63,381 20,613-3327,253 65,021 26,265111,8664261980/1981 32,368

20,613 68,839 25,83823925,698 63,309 25,764115,1504551981/1982 32,933

25,838 66,332 25,45430226,071 66,970 25,515118,2414601982/1983 31,394

25,454 66,277 24,28149627,059 68,680 25,333118,7904671983/1984 30,920

24,281 88,706 42,12647427,629 70,816 27,200140,6165731984/1985 33,734

42,126 80,153 47,60025228,981 75,330 28,078151,2605531985/1986 31,584

47,600 70,359 35,42817933,093 82,095 33,350151,0525221986/1987 29,353

35,428 81,446 32,62053430,529 84,146 30,103147,4035741987/1988 30,871

32,620 84,220 31,06164233,582 85,238 33,481150,4225431988/1989 33,767

31,061 79,716 24,98423432,703 86,905 31,357143,4805501989/1990 31,559

25,067 87,141 27,53217031,078 86,024 29,560143,2865721990/1991 33,160

27,552 95,295 37,06136829,522 86,692 28,248152,3695961991/1992 34,786

36,957 82,307 34,4476327,053 86,332 25,475146,3175491992/1993 32,642

34,447 77,646 27,69114327,951 85,550 26,660140,0445501993/1994 30,710

27,691 86,254 31,892-33030,287 84,513 28,157144,2325831994/1995 32,199

31,892 93,723 40,005-54426,997 85,790 27,361152,6125671995/1996 35,977

40,005 90,028 44,597-58528,602 87,760 26,863158,6355811996/1997 33,744

44,597 92,234 49,351-58125,928 87,267 26,722162,7595951997/1998 33,774

49,351 85,501 52,162-1,11424,480 84,760 23,524159,3325661998/1999 32,894

52,162 87,719 50,206-60227,976 91,058 27,195167,8575921999/2000 32,274

50,206 88,850 48,073-1,36426,207 92,159 26,395165,2636042000/2001 32,026

48,073 98,751 53,735-78129,439 94,298 29,011176,2636372001/2002 33,730

53,735 88,251 44,225-75430,090 98,280 30,325172,0766312002/2003 30,449

44,225 95,262 43,062-79533,900 97,870 33,250173,3876442003/2004 32,214

43,062 120,377 54,197-1,08133,144 108,747 34,720196,5837332004/2005 35,740

54,197 113,341 53,275-1,30542,826 116,149 42,245210,3647102005/2006 34,733

Note: Beginning with 1970/71, world and foreign import and export totals were expanded to include trade among the 12 countries of the former Soviet Union and the 3 Baltic states.

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United States

1,000 Hectares

Begining Stocks

Production Ending Stocks

LossImports Consumption

Yield Kg/Ha

Total Supply

Exports

Cotton Production, Yield, Supply and UtilizationTable 10

(1,000 480-Lb. Bales, 1961/1962-2005/2006)Marketing

Year

7,056 14,283 7,699-280153 9,017 5,05621,4924921961/1962 6,327

7,699 14,827 11,136-386137 8,484 3,42922,6635121962/1963 6,301

11,136 15,294 12,351-257135 8,696 5,77526,5655791963/1964 5,752

12,351 15,144 14,249-92118 9,261 4,19527,6135801964/1965 5,689

14,249 14,951 17,028-341118 9,596 3,03529,3185911965/1966 5,510

17,028 9,555 12,344-62105 9,574 4,83226,6885381966/1967 3,866

12,344 7,443 6,584-86149 9,077 4,36119,9365011967/1968 3,236

6,584 10,925 6,544-12468 8,332 2,82517,5775791968/1969 4,112

6,544 9,990 5,843-24952 8,114 2,87816,5864861969/1970 4,474

5,843 10,192 4,203-23237 8,204 3,89716,0724921970/1971 4,514

4,203 10,477 3,258-15072 8,259 3,38514,7524911971/1972 4,643

3,258 13,704 4,221-30534 7,769 5,31116,9965681972/1973 5,255

4,221 12,974 3,808-16048 7,472 6,12317,2435831973/1974 4,844

3,808 11,540 5,708-11234 5,860 3,92615,3824941974/1975 5,086

5,708 8,302 3,681-14092 7,250 3,31114,1025081975/1976 3,560

3,681 10,581 2,928-8638 6,674 4,78414,3005221976/1977 4,417

2,928 14,389 5,34785 6,483 5,48417,3225831977/1978 5,372

5,347 10,856 3,958-2834 6,352 6,18016,2074711978/1979 5,018

3,958 14,629 3,000-1435 6,506 9,22918,5926131979/1980 5,193

3,000 11,122 2,668-33528 5,891 5,92614,1504531980/1981 5,348

2,668 15,646 6,632-12326 5,264 6,56718,3406081981/1982 5,601

6,632 11,963 7,937-4220 5,513 5,20718,6156611982/1983 3,939

7,937 7,771 2,77523812 5,921 6,78615,7205691983/1984 2,973

2,775 12,982 4,102-7424 5,538 6,21515,7816731984/1985 4,200

4,102 13,432 9,348-15433 6,413 1,96017,5677061985/1986 4,140

9,348 9,731 5,026-803 7,452 6,68419,0826181986/1987 3,427

5,026 14,760 5,771-1822 7,617 6,58219,7887921987/1988 4,059

5,771 15,411 7,0921655 7,782 6,14821,1876941988/1989 4,835

7,092 12,196 3,000-1632 8,759 7,69419,2906881989/1990 3,860

3,000 15,505 2,344-2854 8,657 7,79318,5097111990/1991 4,748

2,344 17,614 3,704813 9,613 6,64619,9717311991/1992 5,245

3,704 16,218 4,662-1901 10,250 5,20119,9237851992/1993 4,501

4,662 16,134 3,530-86 10,418 6,86220,8026791993/1994 5,173

3,530 19,662 2,650-3820 11,198 9,40223,2127941994/1995 5,391

2,650 17,900 2,60927408 10,647 7,67520,9586021995/1996 6,478

2,609 18,942 3,971-8403 11,126 6,86521,9547911996/1997 5,216

3,971 18,793 3,8874113 11,349 7,50022,7777541997/1998 5,425

3,887 13,918 3,939-394439 10,401 4,29818,2447011998/1999 4,324

3,939 16,968 3,91514597 10,194 6,75021,0046801999/2000 5,433

3,915 17,188 6,000-48316 8,862 6,74021,1197082000/2001 5,282

6,000 20,303 7,44818021 7,696 11,00026,3247902001/2002 5,596

7,448 17,209 5,38516667 7,273 11,90024,7247462002/2003 5,025

5,385 18,255 3,50620045 6,221 13,75823,6858182003/2004 4,858

3,506 23,251 5,53814629 6,693 14,40926,7869582004/2005 5,284

5,538 23,719 6,600-1330 5,900 16,80029,2879312005/2006 5,545

Note: Beginning with 1970/71, world and foreign import and export totals were expanded to include trade among the 12 countries of the former Soviet Union and the 3 Baltic states.

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Foreign

1,000 Hectares

Begining Stocks

Production Ending Stocks

LossImports Consumption

Yield Kg/Ha

Total Supply

Exports

Cotton Production, Yield, Supply and UtilizationTable 11

(1,000 480-Lb. Bales, 1961/1962-2005/2006)Marketing

Year

11,819 30,283 11,4828715,833 35,787 10,57957,9352531961/1962 26,093

11,482 32,162 11,8977716,335 35,506 12,49959,9792751962/1963 25,461

11,897 35,521 13,6977317,655 39,090 12,21365,0732851963/1964 27,101

13,697 38,602 14,7529217,252 41,964 12,74369,5513021964/1965 27,837

14,752 41,998 15,5228117,015 44,231 13,93173,7653291965/1966 27,778

15,522 42,705 16,1107717,904 46,469 13,47576,1313411966/1967 27,302

16,112 44,117 16,9977717,219 47,115 13,25977,4483471967/1968 27,687

16,997 45,968 17,43215916,867 48,036 14,20579,8323601968/1969 27,801

17,432 44,336 16,54715417,646 47,856 14,85779,4143451969/1970 27,988

16,547 45,380 17,64224624,575 48,929 19,68586,5023621970/1971 27,289

17,642 48,675 19,19115124,597 50,122 21,45090,9143731971/1972 28,380

19,191 48,163 20,26619627,343 51,730 22,50594,6973711972/1973 28,286

20,266 49,504 23,35022326,696 52,796 20,09796,4663851973/1974 28,002

23,350 52,277 27,64422323,790 51,181 20,36999,4174001974/1975 28,423

27,644 45,673 22,22028526,194 54,350 22,65699,5113781975/1976 26,314

22,220 45,946 19,45222424,893 53,564 19,81993,0593831976/1977 26,118

19,452 49,519 20,29030027,115 54,539 20,95796,0863821977/1978 28,204

20,290 48,640 17,89820727,125 56,877 21,07396,0553801978/1979 27,886

17,898 50,817 18,23215330,501 59,398 21,43399,2164091979/1980 27,026

18,232 52,259 17,94530227,225 59,130 20,33997,7164211980/1981 27,020

17,945 53,193 19,20636225,672 58,045 19,19796,8104241981/1982 27,332

19,206 54,369 17,51734426,051 61,457 20,30899,6264311982/1983 27,455

17,517 58,506 21,50625827,047 62,759 18,547103,0704561983/1984 27,947

21,506 75,724 38,02454827,605 65,278 20,985124,8355581984/1985 29,534

38,024 66,721 38,25240628,948 68,917 26,118133,6935291985/1986 27,444

38,252 60,628 30,40225933,090 74,643 26,666131,9705091986/1987 25,926

30,402 66,686 26,84971630,527 76,529 23,521127,6155421987/1988 26,812

26,849 68,809 23,96947733,577 77,456 27,333129,2355181988/1989 28,932

23,969 67,520 21,98439732,701 78,146 23,663124,1905311989/1990 27,699

22,067 71,636 25,18845531,074 77,367 21,767124,7775491990/1991 28,412

25,208 77,681 33,35736029,509 77,079 21,602132,3985731991/1992 29,541

33,253 66,089 29,78525327,052 76,082 20,274126,3945111992/1993 28,141

29,785 61,512 24,16115127,945 75,132 19,798119,2425241993/1994 25,537

24,161 66,592 29,242-29230,267 73,315 18,755121,0205411994/1995 26,808

29,242 75,823 37,396-57126,589 75,143 19,686131,6545601995/1996 29,499

37,396 71,086 40,626-57728,199 76,634 19,998136,6815431996/1997 28,528

40,626 73,441 45,464-62225,915 75,918 19,222139,9825641997/1998 28,349

45,464 71,583 48,223-72024,041 74,359 19,226141,0885461998/1999 28,570

48,223 70,751 46,291-74727,879 80,864 20,445146,8535741999/2000 26,841

46,291 71,662 42,073-88126,191 83,297 19,655144,1445832000/2001 26,744

42,073 78,448 46,287-96129,418 86,602 18,011149,9396072001/2002 28,134

46,287 71,042 38,840-92030,023 91,007 18,425147,3526082002/2003 25,424

38,840 77,007 39,556-99533,855 91,649 19,492149,7026132003/2004 27,356

39,556 97,126 48,659-1,22733,115 102,054 20,311169,7976942004/2005 30,456

48,659 89,622 46,675-1,29242,796 110,249 25,445181,0776692005/2006 29,188

Note: Beginning with 1970/71, world and foreign import and export totals were expanded to include trade among the 12 countries of the former Soviet Union and the 3 Baltic states.

Page 23, March 2006