COTTON AND WOOL OUTLOOK February 11, 1999 February 1999, ERS-CWS-0199 Approved by the World Agricultural Outlook Board -------------------------------------------------------------------------- COTTON AND WOOL OUTLOOK is issued electronically monthly by the Economic Research Service, U.S. Department of Agriculture, Washington, DC 20036-5831. Electronic release only; no printed copies available. -------------------------------------------------------------------------- U.S. Cotton Supply and Demand Overview The 1998/99 U.S. cotton crop is currently estimated at 13.8 million bales (upland--13.37 million and extra-long staple(ELS)--430,000) compared with 18.8 million in 1997/98. Based on the latest Cotton Ginnings report, however, ginnings by the end of January had already reached the estimated 13.8 million bales, suggesting that the final 1998/99 cotton crop will be slightly higher. Final 1998/99 ginnings, as well as final upland and ELS production, will be released by the United States Department of Agriculture (USDA) on May 12. Based on the current production estimate, U.S. cotton supplies during 1998/99 are expected to reach only 18 million bales, nearly 21 percent below last season. In addition, this estimate includes 350,000 bales of raw cotton imports which are projected to enter into the United States as a result of "Step 3" special import quotas which will open early in March, coupled with specific quality needs of U.S. mills that were not available with this season's reduced U.S. crop. However, total demand for U.S. cotton is projected to decline over 22 percent from 1997/98 to 14.6 million bales, the result of the lower U.S. crop, rising textile imports, a very competitive export market, and a 4-percent decrease in world cotton consumption. As a result, 1998/99 U.S. ending stocks are expected to total 3.4 million bales. While actual stocks are projected below last season, the stocks-to-use ratio is expected to rise above 23 percent, compared with about 21 percent in 1997/98. U.S. Mill Use Lowered U.S. mill use in 1998/99 is expected to fall nearly one million bales from last season's 50-year high to 10.4 million, 100,000 bales below the January projection. Despite the continued strength in the retail market for cotton products, much of the consumer demand has been filled with less expensive imported textile products from many countries still struggling with recent economic crises. And as a result of these imports, a buildup in U.S. inventories forced mills to close longer than normal around the holidays this season. Recent seasonally adjusted data for November and December indicate that U.S. mills used cotton at an annual rate of 10.2 million bales during these 2 months, reflecting holiday closings. And with holiday closures also included in the January reporting period, the annual rate for January may be similar to the previous 2 months. January data will be released by the Commerce Department later this month. Nonetheless, for the first 5 months of 1998/99, the seasonally adjusted annual rate has averaged over 10.5 million bales. In addition, actual mill use for August through December indicates that U.S. mills have consumed 4.3 million bales during the first 5 months of 1998/99, 9 percent below the comparable period of 1997/98. Despite cotton's recent declines, decreases in manmade fiber usage on the cotton system have fallen further, a 14-percent reduction from last season's August through December period. As a result, cotton has averaged nearly an 80-percent share for the first 5 months of 1998/99, compared with 78.5 percent for the entire 1997/98 season. U.S. Exports Reduced Further U.S. exports in 1998/99 are projected to drop a whopping 44 percent from last season's 7.5 million bales and 100,000 below the January projection to only 4.2 million bales. The reduction from last year is attributable to the decline in the U.S. crop, which has left exportable supplies at a minimum, and to very weak worldwide import demand for cotton. World cotton consumption is now projected to fall more than 4 percent from last season, the largest year-to-year decline since 1974/75. In addition, other major cotton exporters are generating strong competition for limited markets. During the first half of 1998/99, exports of U.S. cotton have totaled about 2.8 million bales, or a shipment average of 106,000 bales per week. With two-thirds of the forecasted exports already shipped, U.S. exports for the last half of the season need to average only 56,000 bales per week. The latest Export Sales data indicate that for the month of January, the shipment pace was 63,000 bales per week. However, export sales during the remaining months of 1998/99 will have to compete without the availability of the "Step 2" program. Outstanding sales at the end of January stood at 1.2 million bales. With the addition of shipments, commitments during the first 6 months of the season totaled 4 million bales, or 95 percent of the forecast. But, sales beyond the 4.2-million-bale level are needed as some sales are traditionally "rolled over" to the new season. Sales and shipments during the next couple of months will be critical to the export outcome for the 1998/99 season. Recent Revisions to U.S. Cotton Data The National Agricultural Statistics Service (NASS) recently released historical revisions covering the production years 1992 through 1997. Revisions to the various field crop estimates were published in December 1998 in Statistical Bulletin Number 947. These revisions were made after review of the original data and additional data now available, including the 1997 Census of Agriculture. According to the report, these data are final and will not be revised again. For cotton, NASS made revisions to upland area planted, harvested, and yield for only 2 years, 1996 and 1997. Upland cotton production estimates were not changed, and no revisions were made to American Pima data. Details of the States and totals that were affected are provided in a table within this report. To summarize the revisions, 1996 U.S. upland cotton area was increased slightly while the yield was reduced marginally. These changes were the result of revisions occurring only in North Carolina. For 1997, however, revisions were made in several States. In total, 1997 U.S. upland area was revised up about 1 percent and the yield was reduced a similar percentage. Foreign Consumption and Production Foreign 1998/99 cotton consumption is projected at 74.2 million bales this month, about 1 million lower than was forecast in January. The forecast for foreign production in 1998/99 is slightly lower this month, down 250,000 bales from January, at 71.1 million bales. The forecast for foreign imports is also slightly lower--down 250,000 bales--to 24.2 million, while the forecast for 1998/99 foreign exports of cotton was reduced 410,000 bales to 19.8 million. Consumption is lower this month largely due to reduced prospects in India and Turkey. Data for India's textile production through November show a slowdown is already underway there despite the prospect of a larger crop. The forecast for India's cotton consumption in 1998/99 is 300,000 bales lower than in January at 12 million bales. During 1997/98, India's cotton consumption was 12.6 million bales, down from 13.1 million in 1996/97. Turkey's 1998/99 consumption forecast is 400,000 bales lower this month compared with January, at 4 million bales. Turkish industry and government sources report that a slowdown in domestic textile demand and greater competition from other textile exporters have forced Turkish textile producers to cut back this year. While Turkey's textile exports during the fourth quarter of calender 1998 exceeded industry expectations and year-ago levels, textile activity has reportedly slowed. At 4 million bales, USDA's forecast of Turkey's 1998/99 mill use of cotton is 1 million below 1997/98's 5 million bales. Foreign production in 1998/99 is lower this month as reduced prospects for crops in Pakistan, Benin, and several other African countries offset larger estimates for production in Turkey and Australia. Exports are lower this month largely due to reduced prospects for China. At 900,000 bales, USDA's February forecast for China's 1998/99 exports is down 400,000 bales from January. China's export volume remains low despite last year's large sales, a significant proportion of which are now believed to have been canceled. Foreign ending stocks in 1998/99 are forecast 800,000 bales higher this month at 38.2 million. China's export reduction raised expected ending stocks there, and India's stocks are also substantially higher as larger 1998/99 imports and reduced consumption compared with January's forecasts raise expected ending stocks about 700,000 bales. Textile Trade Declines in November U.S. textile imports during November 1998 totaled 831 million pounds (raw-fiber equivalent), down 17 percent from October and the lowest since May. Overall, imports declined in each major end-use category and for all fibers, except linen. Apparel imports, at 540 million pounds, were down 21 percent from a month earlier, with lower cotton apparel shipments accounting for 48 percent of the decline. Total cotton imports were 457 million pounds, representing 55 percent of November imports. However, total imports during January through November were 10.1 billion pounds, nearly 15 percent above a year earlier. Cotton textile imports were up 19 percent during the first 11 months of 1998. November textile exports, at 373 million pounds, declined 11 percent from a month earlier. Overall, lower shipments occurred in November for all end-use categories and major fibers, with most of the decline occurring in cotton and manmade apparel products. November 1998 shipments were also slightly below the previous year. However, cumulative textile exports during January through November were 4.2 billion pounds, 6 percent above 1997. Cotton textile shipments during the past 11 months increased to 1.8 billion pounds, 9 percent above 1997. Overall, the textile trade deficit for the first 11 months of 1998 totaled 5.9 billion pounds, compared with 4.9 billion last year. For the 11 month period of 1998, cotton accounted for 63 percent of the total trade deficit, compared with 61 percent in 1997. Higher trade deficits of all major fibers, except linen, have increased the deficit in 1998. * * * Copies of the 1998 Cotton and Wool Yearbook (CWS-1998) are available for purchase. For information, call 1-800-999-6770. The next Cotton and Wool Outlook (CWS-0299) will be released on March 12, 1999. ****************************************************************************** Information Contacts: Leslie Meyer (U.S. Cotton) LMEYER@ECON.AG.GOV (202) 694-5307 Stephen MacDonald (Foreign Cotton) STEPHENM@ECON.AG.GOV (202) 694-5305 Robert Skinner (Textiles and Wool) RSKINNER@ECON.AG.GOV (202) 694-5313 ****************************************************************************** U.S. COTTON SUPPLY AND USE ESTIMATES ---------------------------------------------------------------------- 1998/99 ---------------------------- Item 1997/98 Dec Jan Feb ---------------------------------------------------------------------- Upland: Million acres Planted 13.648 12.552 13.088 13.088 Harvested 13.157 10.143 10.486 10.486 Pounds Yield/harvested acre 666 616 612 612 Million 480-lb. bales Beginning stocks 3.920 3.822 3.822 3.822 Production 18.245 13.020 13.366 13.366 Total supply 1/ 22.178 17.242 17.538 17.537 Mill use 11.234 10.500 10.400 10.290 Exports 7.060 3.970 3.970 3.900 Total use 18.294 14.470 14.370 14.190 Ending stocks 3.822 2.728 3.130 3.309 Percent Stocks-to-use ratio 20.9 18.9 21.8 23.3 Extra-long staple: 1,000 acres Planted 250 314 330 330 Harvested 249 247 237 237 Pounds Yield/harvested acre 1,056 841 873 873 1,000 480-lb. bales Beginning stocks 51 65 65 65 Production 548 432 430 430 Total supply 1/ 599 497 495 496 Mill use 115 100 100 110 Exports 440 300 330 300 Total use 555 430 430 410 Ending stocks 65 72 70 91 Percent Stocks-to-use ratio 11.7 16.7 16.3 22.2 ---------------------------------------------------------------------- Based on USDA estimates. 1/ Includes imports. WORLD COTTON SUPPLY AND USE ESTIMATES ---------------------------------------------------------------------- 1998/99 ------------------------------ Item 1997/98 Dec Jan Feb ---------------------------------------------------------------------- Supply: Million 480-lb. bales Beginning stocks World 37.95 41.13 41.10 41.12 Foreign 33.98 37.24 37.22 37.24 Production World 91.57 84.20 85.11 84.86 Foreign 72.78 70.74 71.32 71.07 Imports World 26.77 24.67 24.75 24.50 Foreign 26.76 24.27 24.40 24.15 Use: Mill use World 88.36 85.83 85.65 84.61 Foreign 77.01 75.23 75.15 74.21 Exports World 26.56 24.59 24.46 23.95 Foreign 19.06 20.29 20.16 19.75 Ending stocks World 41.12 39.32 40.61 41.60 Foreign 37.24 36.52 37.41 38.20 Stocks-to-use ratio Percent World 46.5 45.8 47.4 49.2 Foreign 48.4 48.5 49.8 51.5 --------------------------------------------------------------------- Based on USDA estimates. FIBER SUPPLY ---------------------------------------------------------------------- 1998 1997 -------------------------- Item Oct Nov Dec Dec ---------------------------------------------------------------------- Cotton: 1,000 480-lb. bales Ginnings 5,448 4,014 1,843 3,095 Imports since August 1 0.6 3.2 NA 2.6 Stocks, beginning 3,468 7,694 10,109 13,479 At mills 661 584 559 589 Public storage 2,959 6,700 8,536 11,113 CCC stocks 296 1,251 1,946 1,024 Manmade: Million pounds Production 869.7 779.1 760.9 858.9 Noncellulosic 840.6 751.4 735.4 829.6 Cellulosic 29.1 27.7 25.5 29.3 Total since January 1 8,729.7 9,508.8 10,269.7 10,349.3 1998 1997 --------------------------- Sep Oct Nov Nov ---------------------------------------------------------------------- Million pounds Raw fiber imports 125.9 125.4 124.3 129.5 Noncellulosic 119.7 119.5 118.2 121.3 Cellulosic 6.2 5.9 6.1 8.2 Total since January 1 1,126.8 1,252.2 1,376.5 1,122.9 Wool and Mohair: 1,000 pounds Raw wool imports, clean 3,252 7,266 4,933 7,255 48's-and-finer 1,503 4,834 3,362 5,438 Not-finer-than-46's 1,749 2,432 1,571 1,818 Total since January 1 53,965 61,232 66,165 67,862 Wool top imports 136 103 179 191 Total since January 1 1,879 1,982 2,161 2,331 Mohair imports, clean 0 9 0 0 Total since January 1 11 11 11 1 ---------------------------------------------------------------------- NA = Not available. COTTON SYSTEM FIBER CONSUMPTION ---------------------------------------------------------------------- 1998 1997 --------------------------- Item Oct Nov Dec Dec ---------------------------------------------------------------------- Cotton: 1,000 480-lb. bales All consumed by mills 1/ 957 806 722 882 Total since August 1 1/ 2,805 3,611 4,333 4,777 SA annual rate 2/ 10,925 10,206 10,208 11,972 SA daily rate 2/ 42.0 39.3 39.3 45.9 Daily rate 43.5 38.4 31.4 38.3 Upland consumed by mills 1/ 944 794 711 873 Total since August 1 1/ 2,769 3,564 4,275 4,732 SA daily rate 2/ 41.4 38.9 38.8 45.5 Daily rate 42.9 37.8 30.9 38.0 Spindles in place 5,357 5,363 5,368 5,558 Active spindles 5,032 5,038 5,017 5,246 100 percent cotton 2,678 2,671 2,665 2,609 100 percent manmade 779 776 753 828 Blends 1,575 1,591 1,599 1,809 Percent Cotton's share of fibers 80.1 80.1 80.5 79.6 Manmade: 1,000 pounds Total consumed by mills 1/ 114,237 95,957 84,044 108,592 Total since August 1 1/ 349,917 445,874 529,918 614,613 Daily rate 5,193 4,569 3,654 4,721 Noncellulosic staple 4,811 4,220 3,424 4,341 Cellulosic staple 382 349 230 380 ---------------------------------------------------------------------- 1/ Adjusted to calendar month. 2/ SA = seasonally adjusted. FIBER EXPORTS ---------------------------------------------------------------------- 1998 1997 -------------------------- Item Sep Oct Nov Nov ---------------------------------------------------------------------- Cotton: 1,000 480-lb. bales Upland exports 273 256 781 549 Total since August 1 666 922 1,703 1,662 Sales for next season 4 47 15 8 Total since August 1 86 134 149 89 ELS exports 7.2 9.0 13.7 32.3 Total since August 1 16.8 25.8 39.5 76.2 Sales for next season 0.0 3.6 5.3 2.4 Total since August 1 0.4 4.1 9.4 8.7 Manmade: Million pounds Raw fiber exports 87.6 90.4 76.3 93.3 Noncellulosic 85.3 86.4 73.3 83.9 Cellulosic 2.3 4.0 3.0 9.4 Total since January 1 778.5 868.9 945.2 971.9 Wool and Mohair: 1,000 pounds Raw wool exports, clean 98.8 81.8 7.0 102.8 Total since January 1 1,576.7 1,658.5 1,665.5 4,564.0 Wool top exports 108.2 180.0 415.6 681.3 Total since January 1 4,738.2 4,918.2 5,333.8 7,433.6 Mohair exports, clean 176.6 337.0 316.1 106.5 Total since January 1 1,216.0 1,553.0 1,869.1 1,495.3 ---------------------------------------------------------------------- FIBER PRICES ---------------------------------------------------------------------- 1998 1999 1998 ------------------ Item Nov Dec Jan Jan ---------------------------------------------------------------------- Domestic cotton prices: Cents per pound Adjusted World Price 42.82 41.96 41.71 57.49 Mar'99 futures 65.65 61.95 59.28 73.09 Dec'99 futures 67.47 65.98 63.35 72.85 Upland spot 41-34 64.95 59.88 56.20 62.75 Pima spot 03-46 100.00 99.07 97.66 102.15 Avg. price received by: Upland producers 65.10 60.70 59.10 61.10 Mill delivered: Cotton Actual 71.48 67.16 64.47 69.45 Raw fiber equivalent 79.42 74.62 71.63 77.17 Rayon staple Actual 101.00 101.00 101.00 115.00 Raw fiber equivalent 105.21 105.21 105.21 119.79 Polyester staple Actual 53.00 53.00 51.00 67.00 Raw fiber equivalent 55.21 55.21 53.13 69.79 Price ratios Percent Cotton/rayon 75.5 70.9 68.1 64.4 Cotton/polyester 143.9 135.2 134.8 110.6 Northern Europe cotton quotes: Cents per pound A Index 56.53 56.02 55.78 71.04 Memphis Territory 71.50 71.25 NQ 75.19 California/Arizona 71.69 70.67 69.31 76.94 B Index 54.13 54.83 54.00 69.03 Orleans/Texas 64.38 66.50 63.75 70.13 Wool prices (clean): Dollars per pound U.S. 56's 0.90 0.80 0.77 1.42 Australian 56's 1/ 1.28 1.22 1.42 1.81 U.S. 60's 1.05 0.95 0.95 1.79 Australian 60's 1/ 1.47 1.39 1.49 1.87 U.S. 64's 1.15 1.15 1.15 2.36 Australian 64's 1/ 1.56 1.47 1.58 2.18 ---------------------------------------------------------------------- NQ = No quotes. 1/ In bond, Charleston, SC. TEXTILE TRADE ---------------------------------------------------------------------- 1998 1997 ----------------------------- Item Sep Oct Nov Nov ---------------------------------------------------------------------- Imports: 1,000 pounds 1/ Yarn, thread, and fabric 217,043 218,505 205,990 176,923 Cotton 94,825 92,789 84,462 76,425 Linen 17,499 21,063 27,351 17,188 Wool 36570 3,907 3,659 3,868 Silk 849 846 781 842 Manmade 100,213 99,900 89,737 78,600 Apparel 739,568 684,163 540,093 462,710 Cotton 414,420 401,740 332,027 270,236 Linen 19,752 17,526 14,864 12,025 Wool 34,704 29,106 15,286 16,161 Silk 11,901 12,368 9,860 9,204 Manmade 258,791 223,423 168,056 155,085 House furnishings 62,309 60,986 49,228 44,047 Cotton 45,170 43,517 34,142 32,937 Linen 188 242 140 118 Wool 209 149 94 214 Silk 69 47 100 22 Manmade 16,673 17,031 14,752 10,756 Floor covering 28,594 32,135 29,124 22,892 Cotton 3,856 4,742 3,411 2,897 Linen 4,314 3,978 3,801 2,875 Wool 8,150 9,458 8,942 6,913 Silk 399 492 545 306 Manmade 11,875 13,465 12,424 9,900 Total imports 2/ 1,055,240 1,003,763 830,876 712,095 Cotton 561,657 546,859 457,288 385,091 Linen 41,791 42,861 46,237 32,228 Wool 46,975 42,826 28,117 27,279 Silk 13,218 13,753 11,287 10,375 Manmade 391,599 357,465 287,946 257,123 Exports: 1,000 pounds 1/ Yarn, thread, and fabric 165,187 179,016 166,282 169,655 Cotton 58,143 65,707 62,082 55,064 Linen 4,460 5,435 5,364 4,334 Wool 3,824 4,126 4,456 4,802 Silk 1,784 1,885 1,702 1,761 Manmade 96,976 101,862 92,678 103,694 Apparel 167,791 191,311 160,395 159,298 Cotton 100,089 113,786 94,881 94,379 Linen 1,882 1,834 1,798 1,835 Wool 8,318 8,642 7,595 8,608 Silk 3,648 3,995 3,689 4,557 Manmade 53,854 63,055 52,433 49,918 House furnishings 8,967 9,382 8,375 9,038 Cotton 5,236 5,551 4,914 5,183 Linen 317 354 376 488 Wool 101 97 86 206 Silk 168 164 227 232 Manmade 3,145 3,215 2,773 2,929 Floor covering 36,622 39,405 37,336 39,150 Cotton 2,972 3,533 3,114 3,871 Linen 1,822 2,227 1,754 2,215 Wool 3,364 3,287 3,341 3,479 Silk 91 122 96 151 Manmade 28,373 30,236 29,032 29,434 Total exports 2/ 378,835 419,387 372,627 377,506 Cotton 166,511 188,652 165,053 158,590 Linen 8,491 9,859 9,299 8,883 Wool 15,624 16,171 15,489 17,112 Silk 5,690 6,167 5,713 6,702 Manmade 182,519 198,539 177,073 186,221 ---------------------------------------------------------------------- 1/ Raw fiber equivalent. 2/ Includes headgear. U.S. COTTON TEXTILE IMPORTS ---------------------------------------------------------------------- 1998 1997 ---------------------------- Country Sep Oct Nov Nov ---------------------------------------------------------------------- 1,000 pounds 1/ North America 219,666 231,475 200,712 161,530 Canada 20,382 20,148 19,127 14,807 Costa Rica 9,684 10,046 8,645 9,014 Dominican Republic 19,807 21,800 20,830 14,980 El Salvador 13,819 15,774 11,871 10,359 Guatemala 9,658 10,286 8,321 6,578 Haiti 3,170 3,413 3,189 1 975 Honduras 28,752 30,963 23,952 23,141 Jamaica 6,345 5,678 5,586 6,203 Mexico 104,342 108,420 95,908 71,915 Nicaragua 3,294 4,380 2,783 2,202 South America 7,716 7,857 7,715 6,459 Argentina 96 30 26 28 Brazil 2,487 1,592 1,246 2,395 Chile 52 22 12 125 Columbia 2,951 3,118 3,043 1,861 Peru 1,800 2,484 2,930 1,775 Europe 31,306 33,541 23,589 22,008 Estonia 636 949 833 752 France 716 932 710 528 Germany 939 785 840 579 Italy 1,941 2,901 3,284 2,783 Portugal 4,469 5,388 2,438 4,071 Russia 988 981 845 1,089 Spain 1,721 2,035 1,368 551 Turkey 13,646 13,116 8,667 7,451 United Kingdom 1,733 1,570 1,354 1,073 Asia 278,916 252,271 209,396 176,688 Bahrain 1,199 955 1,055 758 Bangladesh 21,423 17,525 12,225 11,691 China 36,771 32,050 24,788 21,496 Hong Kong 33,785 31,381 27,959 26,612 India 36,693 33,052 25,158 19,528 Indonesia 16,527 15,397 10,875 13,070 Israel 2,325 2,387 2,353 1,539 Japan 1,140 1,117 1,145 786 Macao 6,634 6,250 5,471 3,704 Malaysia 6,084 5,990 4,768 4,070 Nepal 1,194 834 1,304 655 Oman 2,012 1,822 1,832 1,482 Pakistan 36,055 33,015 28,435 25,672 Philippines 11,006 10,585 9,495 7,898 Qator 1,543 995 1,101 792 Singapore 3,614 2,759 2,102 1,660 South Korea 10,118 9,621 7,016 5,111 Sri Lanka 9,368 8,403 7,190 4,808 Taiwan 15,940 14,627 12,237 9,351 Thailand 13,108 11,581 11,354 9,234 U Arab Em 2,377 2,573 1,600 1,398 Oceania 2,436 1,853 836 1,470 Australia 851 788 675 724 Fiji 1 270 884 61 610 Africa 17,750 16,731 12,803 11,278 Egypt 7,600 6,974 5,746 5,577 Lesotho 1,914 2,033 1,540 1,405 Mauritius 2,376 2,698 2,003 1,522 Morocco 986 1,393 982 892 South Africa 2,081 1,274 983 808 Tunisia 110 58 29 65 World 2/ 561,657 546,859 457,288 385,091 ---------------------------------------------------------------------- 1/ Raw fiber equivalent. 2/ Totals may not add due to rounding. U.S. COTTON TEXTILE EXPORTS ---------------------------------------------------------------------- 1998 1997 --------------------------- Country Sep Oct Nov Nov ---------------------------------------------------------------------- 1,000 pounds 1/ North America 143,682 165,645 143,118 128,133 Canada 29,694 33,614 29,491 26,194 Costa Rica 7,210 7,702 7,603 8,978 Dominican Republic 15,007 18,502 15,035 17,135 El Salvador 5,490 6,771 5,890 5,726 Guatemala 3,512 4,832 3,109 4,174 Haiti 836 2,267 1,329 2,133 Honduras 20,194 24,082 17,256 16,316 Jamaica 3,561 5,197 3,188 5,807 Mexico 56,656 60,552 58,666 39,974 South America 3,882 4,079 3,598 5,341 Argentina 231 131 160 354 Brazil 485 517 433 677 Chile 695 747 527 914 Columbia 954 1,554 1,345 1,515 Peru 80 99 153 127 Venezuela 919 569 602 1,337 Europe 9,848 8,599 8,246 13,229 Belgium 2,598 2,485 3,206 4,246 France 625 672 551 752 Germany 804 904 855 1,067 Ireland 95 95 114 1,171 Italy 292 342 356 190 Netherlands 491 567 376 866 United Kingdom 3,381 2,605 1,789 3,222 Asia 7,364 8,251 8,330 9,586 China 167 504 270 266 Hong Kong 893 1,763 1,506 1,419 Israel 778 442 847 826 Japan 2,965 3,030 2,617 3,356 Philippines 524 263 312 500 Saudi Arabia 363 481 643 637 Singapore 196 267 303 371 South Korea 171 199 478 298 Taiwan 216 200 235 396 U Arab Em 278 307 310 310 Oceania 837 1,154 700 1,170 Australia 506 648 501 867 New Zealand 235 81 123 175 Africa 606 664 801 776 Egypt 2 6 52 5 Ghana 35 48 43 22 Ivory Coast 14 23 33 35 Nigeria 117 130 118 151 South Africa 172 85 131 157 World 2/ 166,511 188,652 165,053 158,590 ---------------------------------------------------------------------- 1/ Raw fiber equivalent. 2/ Totals may not add due to rounding. HISTORICAL REVISIONS TO U.S. COTTON AREA AND YIELD ------------------------------------------------------------------------------ Year Previous Revised Previous Revised and Area Area Area Area Previous Revised State Planted Planted Harvested Harvested Yield Yield ------------------------------------------------------------------------------ ---------------------1,000 acres----------------- -----Pounds------ 1996 NC 721 740 710 730 677 659 Upland 14,376 14,395 12,612 12,632 701 700 All Kinds 14,634 14,653 12,868 12,888 707 705 1997 AR 950 980 940 965 859 837 LA 630 655 625 650 757 728 MO 380 395 375 390 723 695 NC 670 690 665 685 671 652 SC 290 * 285 286 691 688 TX 5,500 * 5,150 5,200 479 474 Upland 13,558 13,648 13,021 13,157 673 666 All Kinds 13,808 13,898 13,270 13,406 680 673 ------------------------------------------------------------------------------ * Not revised. Source: Field Crops Final Estimates 1992-97, USDA, NASS. END_OF_FILE