WASHINGTON, Nov 10: World consumption of cotton is forecast to hit 114.4 million bales in 2005-06, boosting trade and reducing ending stocks, the US Agriculture Department said on Thursday.

“World consumption is raised 1.3 per cent (from last month’s forecast), reflecting higher forecast for the world’s three largest cotton spinners — China, India and Pakistan — based on continued strong growth,” the USDA said in its monthly world agricultural supply and demand estimates report.

Higher imports by China and Pakistan — 16 million bales and two million bales, respectively — are raising world trade and supporting higher exports by Brazil, Uzbekistan, the United States and Greece, the USDA stated in its report.

World ending stocks of cotton were projected at 50.18 million bales in 2005-06, down nearly two per cent from the last month’s forecast of 50.98 million bales, according to the report.—Reuters