Despite rising global mill use, 2012/13 world ending stocks are estimated at a record 81.7 million bales, up 18 percent from the previous year, leading to a second consecutive year of lower world cotton prices. Higher global ending stocks are driven largely by China’s stocks purchase policy. China’s 2012/13 ending stocks are estimated at 44.1 million bales, up 46 percent from the previous year, accounting for 54 percent of world ending stocks. The United States is expected to carry 4.2 million bales in 2012/13 ending stocks, up 25 percent from the previous year. Higher stocks in China and the United States more than offset somewhat lower estimated stocks in other key countries, including Australia, Brazil, India, Pakistan, and Turkey. This chart appears in the Cotton and Wool Chart Gallery.
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