Major Changes in Supply and Demand Estimates and Projections

INTERNATIONAL COTTON ADVISORY COMMITTEE 1629 K Street NW, Suite 702, Washington, DC 20006 USA Telephone (202) 463-6660 Fax (202) 463-6950 email secretariat@icac.org COTTON THIS MONTH April 1, 2016 Major Changes in Supply and Demand Estimates and Projections India 2015/16: production 5.9 million tons (-105,000 tons from last month) 2015/16: exports 1.2 million tons (+85,000 tons from last month) 2016/17: imports 228,000 tons (-39,000 tons from last month) 2016/17: exports 1 million tons (-58,000 tons from last month) World Cotton Supply and Demand 2014/15 Million Tons Change/Month Million Tons Change/Month Million Tons Change/Month BEGINNING STOCKS 20.42 0.00 22.10-0.02 20.33-0.13 PRODUCTION 26.11 0.00 22.03-0.16 22.95-0.05 SUPPLY 46.53 0.00 44.12-0.18 43.28-0.17 CONSUMPTION 24.34 0.02 23.80-0.06 23.89-0.06 EXPORTS 7.70 0.00 7.40 0.00 7.49-0.10 ENDING STOCKS 22.10-0.02 20.33-0.13 19.39-0.11 ICAC Price Projections Season-average Cotlook A Index (U.S. cents per pound). 2015/16 2016/17 Projection Previous Month Projection This Month Range Midpoint Range Midpoint 2015/16* 64-81 70 66-76 70 2016/17** 58-89 72 *The price projection for 2015/16 is based on the ending stocks/consumption ratio in the world-less-china in 2013/14 (estimate), in 2014/15 (estimate) and in 2015/16 (projection), on the ratio of Chinese net imports to world imports in 2014/15 (estimate) and 2015/16 (projection). The price projection is the mid-point of the 95% confidence interval: 66 cts/lb to 76 cts/lb. **The price projection for 2016/17 is based on the ending stocks/consumption ratio in the world-less-china in 2014/15 (estimate), and in 2016/17 (projection), on the ratio of Chinese net imports to world imports in 2015/16 (projection) and 2016/17 (projection); and on the price projection of 2015/16. The price projection is the mid-point of the 95% confidence interval: 58 cts/lb to 89 cts/lb.

INTERNATIONAL COTTON ADVISORY COMMITTEE 1629 K Street NW, Suite 702, Washington, DC 20006 USA Telephone: (202) 463-6660 Fax: (202) 463-6950 E-mail: secretariat@icac.org Internet: http://www.icac.org COTTON THIS MONTH From the Secretariat of the ICAC April 1, 2016 Cotton Production to Recover in 2016/17 While Consumption Remains Stable Cotton planting in the Northern Hemisphere countries commences this month. In 2016/17, world cotton area may expand by 1% to 31.3 million hectares, though well-below the record of 36.2 million hectares reached in 2011/12. From December 2015 through February 2016, international cotton prices as measured the Cotlook A Index averaged 69 cents/lb, which is the same level as a year ago. However, prices for competing crops during the same period have fallen, making cotton more competitive this year compared to last. World cotton production in 2016/17 is projected to increase by 4% to just under 23 million tons as the world average yield is anticipated to improve by 4% to 732 kg/ha. In 2016/17, India s area is forecast up 4% to 12.4 million hectares due to improved domestic cotton prices in 2015/16 from continued government support and strong demand. Assuming yield is similar to the 4-year average of 522 kg/ha, production could reach 6.5 million tons in 2016/17. On March 18, the Chinese government announced it was lowering the target price for Xinjiang, China s largest cotton-producing province, to 18600 yuan/ton from 19100 yuan/ton in 2015 and 19800 yuan/ton in 2014. As a result, area is likely to contract by 10% to 3.1 million hectares and production to decrease by 10% to 4.6 million tons. Cotton area in the United States is projected to increase by 2% to 3.3 million hectares and production by 9% to 3.1 million tons. In 2015/16, cotton production plummeted in Pakistan due to adverse weather, pest outbreaks and lower quality inputs resulting in the lowest average yield on record since 1998/99. In 2016/17, cotton area in Pakistan may expand by 3% to nearly 3 million hectares, and production is expected to jump 35% to 2.1 million tons as yields recover. After declining by 2% in 2015/16, world cotton consumption is anticipated to remain stable at 23.9 million tons. Consumption in China, the world s largest consumer of cotton, is projected to decrease by 5% to 6.8 million tons. Higher wages and domestic cotton prices, particularly in comparison with polyester prices, have made cotton spinning less attractive with yarn imports from lower cost countries like Vietnam filling in the gap. In 2016/17, Vietnam s cotton consumption is forecast to rise 16% to 1.3 million tons, making it the fifth largest consumer. Consumption in Bangladesh, the sixth largest, could increase by 10% to 1.2 million tons. After several seasons of growth, cotton mill use in India and Pakistan contracted in 2015/16 due to weaker demand. However, India s consumption is projected to rise 4% to 5.5 million tons in 2016/17 while in Pakistan it may increase by 1% to 2.2 million tons. After declining by 3% in 2015/16, world cotton trade is expected to recover 1% to 7.5 million tons in 2016/17 as consumption grows in import dependent countries and production rebounds in major exporting countries. Vietnam and Bangladesh are likely to be the two largest importers of cotton in 2016/17 with import volumes expected to rise by 25% to 1.4 million tons and by 5% to 1.1 million tons, respectively. China, once the world s largest importer of cotton could see imports fall 13% to 936,000 tons as the government continues to restrict import quotas. Exports from the world s largest exporter, the United States, are projected to increase by 1% to 2.2 million tons. However, exports from India, the second largest, are forecast to decline by 13% to 1 million tons as expanding mill use makes less cotton available for export. In 2015/16, world ending stocks are expected to shrink 8% to 20.3 million tons. The growth in cotton production while cotton consumption remains stable means that the reduction in world ending stocks in 2016/17 will likely be smaller and is projected to fall by 5% to 19.4 million tons. Assuming that sales from the Reserve are successful, China s ending stocks are forecast to decrease by 7% to 12 million tons by the end of 2015/16 and by 10% to 10.9 million tons by the end of 2016/17. Published at the start of each month by the Secretariat of the International Cotton Advisory Committee, 1629 K Street NW, Suite 702, Washington, DC 20006. Copyright ICAC 2016. Telephone: 202-463-6660; Fax: 202-463-6950; email: secretariat@icac.org. No reproduction is permitted in whole or part without the express consent of the Secretariat.

ICAC SUPPLY AND DISTRIBUTION OF COTTON April 1, 2016 Seasons begin on August 1 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 Est. Est. Proj. Proj. Million Metric Tons BEGINNING STOCKS WORLD TOTAL 10.319 15.349 18.363 20.421 22.10 20.33 CHINA 2.087 6.181 9.607 12.088 12.89 12.02 USA 0.566 0.729 0.903 0.651 0.98 0.87 PRODUCTION WORLD TOTAL 27.838 26.809 26.228 26.113 22.03 22.95 INDIA 6.239 6.290 6.766 6.460 5.88 6.45 CHINA 7.400 7.300 6.929 6.480 5.17 4.65 USA 3.391 3.770 2.811 3.553 2.82 3.07 PAKISTAN 2.311 2.002 2.076 2.305 1.53 2.05 BRAZIL 1.877 1.310 1.734 1.551 1.50 1.45 UZBEKISTAN 0.880 1.000 0.940 0.885 0.86 0.87 OTHERS 5.740 5.137 4.973 4.879 4.28 4.41 CONSUMPTION WORLD TOTAL 22.784 23.563 23.880 24.338 23.80 23.89 CHINA 8.635 8.290 7.517 7.479 7.11 6.75 INDIA 4.231 4.762 5.186 5.397 5.26 5.47 PAKISTAN 2.121 2.216 2.470 2.492 2.19 2.22 EUROPE & TURKEY 1.498 1.564 1.615 1.698 1.71 1.73 VIETNAM 0.410 0.492 0.694 0.903 1.10 1.27 BANGLADESH 0.700 0.765 0.880 0.937 1.05 1.16 USA 0.718 0.762 0.773 0.778 0.78 0.79 BRAZIL 0.897 0.910 0.862 0.797 0.76 0.71 OTHERS 3.574 3.802 3.884 3.856 3.83 3.80 EXPORTS WORLD TOTAL 9.825 10.022 9.012 7.701 7.40 7.49 USA 2.526 2.836 2.293 2.449 2.15 2.18 INDIA 2.159 1.685 2.014 0.914 1.20 1.04 CFA ZONE 0.597 0.829 0.973 0.885 0.99 1.08 BRAZIL 1.043 0.938 0.485 0.851 0.89 0.74 UZBEKISTAN 0.550 0.653 0.650 0.594 0.53 0.53 AUSTRALIA 1.010 1.343 1.057 0.520 0.49 0.60 IMPORTS WORLD TOTAL 9.784 9.790 8.722 7.600 7.40 7.49 CHINA 5.342 4.426 3.075 1.804 1.08 0.94 VIETNAM 0.379 0.517 0.691 0.941 1.10 1.37 BANGLADESH 0.680 0.631 0.967 0.964 1.08 1.13 INDONESIA 0.540 0.686 0.651 0.728 0.78 0.77 TURKEY 0.519 0.803 0.924 0.800 0.74 0.88 TRADE IMBALANCE 1/ -0.041-0.232-0.290-0.101 0.00 0.00 STOCKS ADJUSTMENT 2/ 0.018 0.001 0.000 0.000 0.00 0.00 ENDING STOCKS WORLD TOTAL 15.349 18.363 20.421 22.095 20.33 19.39 CHINA 6.181 9.607 12.088 12.888 12.02 10.85 USA 0.729 0.903 0.651 0.980 0.87 0.98 ENDING STOCKS/MILL USE (%) WORLD-LESS-CHINA 3/ 65 57 51 55 50 50 CHINA 4/ 72 116 161 172 169 161 COTLOOK A INDEX 5/ 100 88 91 71 70 72 1/ The inclusion of linters and waste, changes in weight during transit, differences in reporting periods and measurement error account for differences between world imports and exports. 2/ Difference between calculated stocks and actual; amounts for forward seasons are anticipated. 3/ World-less-China's ending stocks divided by World-less-China's mill use, multiplied by 100. 4/ China's ending stocks divided by China's mill use, multiplied by 100. 5/ U.S. cents per pound.

2014/15 SUPPLY AND USE OF COTTON BY COUNTRY April 1, 2016 CANADA 0 1 1 0 0.14 0.14 CUBA 4 272 1 1 2 3 1 0.19 0.19 DOM. REP. 1 1 0 0.47 0.47 MEXICO 181 1,668 302 138 211 405 36 209 0.47 0.52 USA 3,783 939 3,553 651 3 778 2,449 980 0.30 1.26 N. America 3,972 971 3,857 791 217 1,189 2,485 1,190 0.32 1.00 EL SALVADOR 8 32 30 10 0.32 0.32 GUATEMALA 7 24 24 8 0.33 0.33 HONDURAS 0 319 0 0 0 0 0 0.11 C. America 2 514 1 16 56 55 0 18 0.32 0.32 ARGENTINA 456 537 245 285 2 142 84 306 1.36 2.16 BOLIVIA 4 625 3 3 1 4 2 0.59 0.59 BRAZIL 976 1,589 1,551 1,239 5 797 851 1,147 0.70 1.44 CHILE 0 0 0 0 0.15 0.15 COLOMBIA 32 836 27 30 20 52 2 23 0.42 0.44 ECUADOR 1 440 1 2 12 13 1 0.10 0.10 PARAGUAY 12 567 7 9 1 8 3 6 0.53 0.70 PERU 36 792 29 17 54 82 1 15 0.18 0.19 URUGUAY 0 0 0 0 1.19 1.19 VENEZUELA 15 387 6 1 8 11 5 0.46 0.46 S. America 1,533 1,218 1,867 1,586 105 1,110 942 1,506 0.73 1.36 ALGERIA 1 6 5 2 0.31 0.31 EGYPT 158 694 109 69 68 133 55 58 0.31 0.44 MOROCCO 4 37 36 5 0.14 0.14 SUDAN 89 516 46 18 9 3 52 4.39 5.95 TUNISIA 3 13 13 3 0.21 0.21 N. Africa 247 630 155 95 124 196 58 120 0.47 0.61 BENIN 379 443 168 15 4 112 67 0.57 16.66 BURKINA FASO 661 450 298 76 4 213 157 0.72 39.15 CAMEROON 227 535 121 39 2 89 69 0.76 36.34 CENT. AFR. REP. 36 230 8 3 8 3 0.40 CHAD 256 225 58 12 1 47 23 0.48 45.00 COTE D'IVOIRE 415 466 193 35 2 188 39 0.21 19.14 GUINEA 12 272 3 1 4 1 0.36 MADAGASCAR 3 3 MALI 570 408 233 69 3 175 124 0.70 41.36 NIGER 5 448 2 0 1 1 0 0.11 0.25 SENEGAL 31 375 12 4 1 11 4 0.34 5.16 TOGO 122 394 48 7 42 13 0.32 F. Africa 2,713 422 1,144 265 17 888 503 0.56 29.31 ANGOLA 3 302 1 0 1 0 0 0.25 0.41 ETHIOPIA 99 478 47 3 15 48 0 17 0.34 0.34 GHANA 16 366 6 2 1 1 6 2 0.25 1.31 KENYA 38 184 7 1 0 7 2 0.24 0.24 MALAWI 146 271 39 26 3 39 24 0.56 7.90 MOZAMBIQUE 120 222 27 20 31 16 0.52 NIGERIA 298 205 61 26 1 19 43 26 0.42 1.35 SOUTH AFRICA 15 1,218 19 8 19 21 7 18 0.64 0.86 TANZANIA 350 243 85 105 34 37 120 1.71 3.57 UGANDA 61 284 17 21 1 17 21 1.24 40.79 CONGO, DR 2 8 8 2 0.27 0.27 ZAMBIA 305 158 48 57 2 39 64 1.54 ZIMBABWE 230 178 41 34 4 47 24 0.47 6.35 S. Africa 1,703 236 403 312 65 172 268 340 0.77 1.98 KAZAKHSTAN 129 679 55 45 0 11 44 45 0.82 4.00 KYRGYZSTAN 23 822 19 4 3 1 21 4 0.18 4.24 TAJIKISTAN 175 539 94 33 9 87 30 0.31 3.18 TURKMENISTAN 545 478 330 164 149 307 39 0.09 0.26 UZBEKISTAN 1,298 682 885 305 1 345 594 253 0.27 0.73 C. Asia 2,170 637 1,383 551 4 515 1,052 371 1.67 0.72

2014/15 SUPPLY & USE OF COTTON BY COUNTRY (cont'd) April 1, 2016 AUSTRIA 1 4 4 0 0 0.11 0.12 AZERBAIJAN 24 574 14 9 16 1 6 0.38 0.39 BELARUS 4 11 11 4 0.34 0.34 BELGIUM 2 13 8 5 2 0.16 0.26 BULGARIA 0 324 0 1 5 5 0 1 0.12 0.12 CZECH REP. 0 3 3 0 0 0.13 0.13 DENMARK 0 0 ESTONIA FINLAND FRANCE 3 17 13 3 3 0.20 0.24 GERMANY 16 48 48 6 11 0.20 0.22 GREECE 271 1,007 273 49 3 19 254 52 0.19 2.74 HUNGARY 0 1 1 0 0.57 0.57 IRELAND 0 0 0 0 0.06 0.06 ITALY 6 53 48 2 8 0.16 0.16 LATVIA 0 0 0 0 0 0.52 1.00 LITHUANIA 0 0 MOLDOVA 1 2 2 1 0.34 0.34 NETHERLANDS 0 5 5 0 0.10 NORWAY POLAND 0 8 7 2 0.25 0.25 PORTUGAL 8 34 33 10 0.29 0.29 ROMANIA 0 1 1 0 0.05 0.05 RUSSIA 1 521 1 17 55 54 1 18 0.32 0.32 SLOVAK REP. SPAIN 74 1,009 75 19 3 5 71 20 0.26 3.70 SWEDEN 0 0 SWITZERLAND 0 3 3 0 0 0.11 0.12 UKRAINE 0 2 2 0 0.19 0.19 UNITED KINGDOM 0 0 0 0 0.21 0.21 FORMER YUGOSLAVIA 1 6 6 1 0.23 0.23 Europe 372 975 362 139 280 297 343 141 0.22 0.47 Including EU-28 346 1,006 348 106 199 201 342 110 0.20 0.55 CHINA 4,310 1,503 6,480 12,088 1,804 7,479 4 12,888 1.72 1.72 TAIWAN 42 184 183 43 0.23 0.23 HONG KONG 35 1 3 33 12.65 Sub total 4,310 1,503 6,480 12,164 1,989 7,662 7 12,963 1.69 1.69 AUSTRALIA 197 2,619 516 181 0 7 520 170 0.32 23.59 INDONESIA 9 603 5 86 728 711 1 107 0.15 0.15 JAPAN 16 65 65 16 0.24 0.24 KOREA, D.R. 1 5 5 1 0.24 0.24 KOREA, REP. 72 288 290 2 68 0.24 0.24 MALAYSIA 33 73 16 37 54 1.02 3.41 PHILIPPINES 0 569 0 2 13 12 3 0.25 0.25 SINGAPORE 0 0 0 0 0.20 THAILAND 2 518 1 53 320 330 45 0.14 0.14 VIETNAM 12 465 6 83 941 903 127 0.14 0.14 E. Asia 239 2,236 536 531 2,433 2,346 561 593 0.20 0.25 AFGHANISTAN 45 414 19 16 4 16 14 0.66 3.15 BANGLADESH 40 675 27 194 964 937 248 0.26 0.26 INDIA 12,819 504 6,460 1,704 267 5,397 914 2,120 0.34 0.39 MYANMAR 299 650 195 99 11 201 104 0.52 0.52 PAKISTAN 2,958 779 2,305 870 198 2,492 98 783 0.30 0.31 SRI LANKA 0 2 2 0 0.11 0.11 S. Asia 16,164 557 9,007 2,885 1,442 9,036 1,029 3,269 0.32 0.36 IRAN 91 720 66 33 69 131 36 0.28 0.28 IRAQ 19 362 7 1 6 13 1 0.09 0.09 ISRAEL 7 2,020 14 1 14 1 0.10 SYRIA 72 981 70 182 95 3 155 1.59 1.63 TURKEY 468 1,610 754 865 800 1,486 51 882 0.57 0.59 Sub total 696 1,331 926 1,089 886 1,750 69 1,082 1.59 0.62 WORLD TOTAL 34,101 766 26,113 20,421 7,600 24,338 7,701 22,095 0.91 0.91 */ Ending stocks divided by consumption plus exports. Subtotals and total include countries not shown. **/ Ending stocks divided by consumption.

2015/16 SUPPLY AND USE OF COTTON BY COUNTRY April 1, 2016 CANADA 0 1 1 0 0.11 0.11 CUBA 4 272 1 1 2 3 1 0.19 0.19 DOM. REP. 1 1 0 0.47 0.47 MEXICO 130 1,449 188 209 239 409 40 187 0.42 0.46 USA 3,268 862 2,817 980 2 784 2,147 868 0.30 1.11 N. America 3,407 883 3,008 1,190 245 1,199 2,187 1,057 0.31 0.88 EL SALVADOR 10 30 30 10 0.32 0.32 GUATEMALA 8 24 24 8 0.33 0.33 HONDURAS 0 319 0 0 0 0 C. America 2 513 1 18 54 55 0 18 0.32 0.32 ARGENTINA 445 523 233 306 1 144 79 317 1.42 2.20 BOLIVIA 4 625 3 2 1 3 2 0.70 0.70 BRAZIL 952 1,571 1,496 1,147 4 757 885 1,004 0.61 1.33 CHILE 0 0 0 0 0.15 0.15 COLOMBIA 29 849 25 23 23 55 1 15 0.26 0.26 ECUADOR 1 440 1 1 13 13 1 0.10 0.10 PARAGUAY 12 567 7 6 0 7 2 5 0.56 0.70 PERU 27 673 18 15 65 82 1 15 0.18 0.19 URUGUAY 0 0 0 0.58 0.58 VENEZUELA 15 406 6 5 6 11 6 0.55 0.55 S. America 1,485 1,203 1,787 1,506 114 1,073 968 1,365 0.67 1.27 ALGERIA 2 5 5 2 0.31 0.31 EGYPT 105 817 85 58 56 113 35 51 0.35 0.46 MOROCCO 5 36 36 5 0.14 0.14 SUDAN 50 516 28 52 9 2 69 6.34 7.77 TUNISIA 3 13 13 3 0.21 0.21 N. Africa 155 734 113 120 110 176 37 130 0.61 0.74 BENIN 330 424 140 67 4 133 70 0.51 17.47 BURKINA FASO 663 380 252 157 4 265 140 0.52 34.92 CAMEROON 222 513 114 69 2 113 69 0.60 36.05 CENT. AFR. REP. 35 230 8 3 8 3 0.40 CHAD 291 251 73 23 1 66 29 0.43 57.40 COTE D'IVOIRE 402 441 177 39 2 152 62 0.40 30.27 GUINEA 12 273 3 1 3 1 0.41 MADAGASCAR 3 3 MALI 573 377 216 124 3 209 128 0.60 42.55 NIGER 5 448 2 0 1 1 0 0.11 0.25 SENEGAL 24 351 9 4 1 8 4 0.46 5.09 TOGO 101 297 30 13 31 12 0.38 F. Africa 2,659 385 1,024 503 17 990 520 0.52 30.28 ANGOLA 3 302 1 0 1 0 0 0.35 0.48 ETHIOPIA 66 642 42 17 25 51 0 33 0.64 0.65 GHANA 16 366 6 2 1 1 6 2 0.25 1.31 KENYA 21 184 4 2 2 7 0 1 0.16 0.16 MALAWI 150 230 35 24 3 35 21 0.54 6.84 MOZAMBIQUE 110 222 20 16 24 12 0.50 NIGERIA 253 205 52 26 1 19 37 22 0.39 1.14 SOUTH AFRICA 8 1,363 11 18 17 22 10 14 0.42 0.61 TANZANIA 315 217 68 120 34 54 100 1.14 2.93 UGANDA 61 284 17 21 1 22 16 0.74 31.64 CONGO, DR 2 8 8 2 0.27 0.27 ZAMBIA 298 143 43 64 2 40 65 1.58 ZIMBABWE 207 119 25 24 4 32 12 0.34 3.30 S. Africa 1,530 214 327 340 75 176 260 306 0.70 1.74 KAZAKHSTAN 103 441 45 45 0 11 48 32 0.53 2.77 KYRGYZSTAN 17 827 14 4 4 1 17 4 0.23 4.24 TAJIKISTAN 154 533 82 30 9 75 27 0.32 2.88 TURKMENISTAN 534 515 300 39 152 120 66 0.24 0.44 UZBEKISTAN 1,298 666 865 253 1 338 528 253 0.29 0.75 C. Asia 2,106 620 1,306 371 5 512 788 382 1.62 0.75

2015/16 SUPPLY & USE OF COTTON BY COUNTRY (cont'd) April 1, 2016 AUSTRIA 0 6 5 0 1 0.15 0.17 AZERBAIJAN 19 656 12 6 15 3 0.20 0.20 BELARUS 4 11 11 4 0.34 0.34 BELGIUM 2 12 5 8 1 0.11 0.26 BULGARIA 0 324 0 1 5 5 0 1 0.11 0.12 CZECH REP. 0 4 3 0 1 0.54 0.54 DENMARK 0 0 ESTONIA FINLAND FRANCE 3 16 13 3 3 0.16 0.19 GERMANY 11 53 48 5 11 0.20 0.22 GREECE 260 838 218 52 3 19 202 52 0.24 2.75 HUNGARY 0 0 0 0 0.38 0.38 IRELAND 0 0 0 0 0.06 0.06 ITALY 8 50 48 4 6 0.11 0.12 LATVIA 0 0 0 0 0 0.52 1.00 LITHUANIA 0 0 MOLDOVA 1 2 2 1 0.34 0.34 NETHERLANDS 0 4 4 0 0.10 NORWAY POLAND 2 7 7 2 0.26 0.26 PORTUGAL 10 29 32 6 0.20 0.20 ROMANIA 0 1 1 0 0.06 0.06 RUSSIA 1 521 1 18 52 52 1 17 0.32 0.33 SLOVAK REP. SPAIN 66 847 56 20 3 5 54 20 0.34 3.77 SWEDEN 0 0 SWITZERLAND 0 3 3 0 0 0.12 0.12 UKRAINE 0 2 2 0 0.20 0.20 UNITED KINGDOM 0 0 0 0 0.20 0.20 FORMER YUGOSLAVIA 1 6 6 1 0.23 0.23 Europe 348 826 287 141 273 292 277 132 0.23 0.45 Including EU-28 326 840 274 110 195 198 277 104 0.22 0.53 CHINA 3,470 1,489 5,166 12,888 1,078 7,105 4 12,021 1.69 1.69 TAIWAN 43 181 181 43 0.24 0.24 HONG KONG 33 1 3 32 12.03 Sub total 3,470 1,489 5,166 12,963 1,260 7,287 7 12,095 1.66 1.66 AUSTRALIA 270 2,022 546 170 0 7 493 216 0.43 30.62 INDONESIA 8 603 5 107 782 753 141 0.19 0.19 JAPAN 16 67 65 17 0.26 0.26 KOREA, D.R. 1 5 5 1 0.24 0.24 KOREA, REP. 68 265 281 53 0.19 0.19 MALAYSIA 54 73 16 58 54 0.73 3.41 PHILIPPINES 0 569 0 3 13 13 3 0.24 0.24 SINGAPORE 0 0 0 0 2.17 THAILAND 2 518 1 45 286 287 45 0.16 0.16 VIETNAM 9 465 4 127 1,100 1,101 129 0.12 0.12 E. Asia 309 1,826 564 593 2,591 2,537 550 661 0.21 0.26 AFGHANISTAN 45 414 19 14 4 14 14 0.74 3.15 BANGLADESH 40 675 27 248 1,079 1,054 300 0.28 0.28 INDIA 11,881 495 5,879 2,120 240 5,262 1,196 1,780 0.28 0.34 MYANMAR 239 653 156 104 51 207 104 0.50 0.50 PAKISTAN 2,869 533 1,530 783 479 2,193 59 539 0.24 0.25 SRI LANKA 0 2 2 1 0.36 0.36 S. Asia 15,077 505 7,613 3,269 1,852 8,725 1,270 2,739 0.27 0.31 IRAN 91 720 66 36 66 131 36 0.28 0.28 IRAQ 19 362 7 1 7 13 2 0.18 0.18 ISRAEL 9 1,891 17 1 17 2 0.09 SYRIA 44 883 39 155 86 5 103 1.13 1.20 TURKEY 431 1,618 697 882 740 1,500 44 774 0.50 0.52 Sub total 633 1,329 841 1,082 824 1,754 68 925 1.34 0.53 WORLD TOTAL 31,159 707 22,029 22,095 7,402 23,796 7,402 20,328 0.85 0.85 */ Ending stocks divided by consumption plus exports. Subtotals and total include countries not shown. **/ Ending stocks divided by consumption.

2016/17 SUPPLY AND USE OF COTTON BY COUNTRY April 1, 2016 CANADA 0 1 1 0 0.10 0.10 CUBA 4 271 1 1 2 3 1 0.19 0.19 DOM. REP. 1 1 0 0.47 0.47 MEXICO 133 1,563 207 187 240 417 41 176 0.39 0.42 USA 3,333 921 3,071 868 2 788 2,177 977 0.33 1.24 N. America 3,475 944 3,281 1,057 246 1,211 2,218 1,155 0.34 0.95 EL SALVADOR 10 31 31 10 0.32 0.32 GUATEMALA 8 24 24 8 0.32 0.32 HONDURAS 0 318 0 0 0 0 C. America 2 512 1 18 55 56 0 18 0.32 0.32 ARGENTINA 445 523 233 317 1 141 153 257 0.87 1.81 BOLIVIA 4 639 3 2 0 3 0 2 0.50 0.53 BRAZIL 938 1,543 1,447 1,004 4 712 739 1,004 0.69 1.41 CHILE 0 0 0 0 0.15 0.15 COLOMBIA 29 821 24 15 32 55 1 15 0.26 0.26 ECUADOR 1 439 1 1 13 13 1 0.10 0.10 PARAGUAY 11 484 5 5 6 7 4 5 0.41 0.64 PERU 27 795 21 15 60 81 1 15 0.19 0.19 URUGUAY 0 0 0 0.06 0.06 VENEZUELA 15 390 6 6 4 10 5 0.47 0.47 S. America 1,469 1,183 1,739 1,365 121 1,024 899 1,303 0.68 1.27 ALGERIA 2 5 5 2 0.32 0.32 EGYPT 105 821 86 51 69 112 43 51 0.33 0.46 MOROCCO 5 36 36 5 0.14 0.14 SUDAN 50 487 24 69 9 16 69 2.82 7.77 TUNISIA 3 12 12 3 0.22 0.22 N. Africa 155 713 111 130 122 174 59 130 0.56 0.75 BENIN 337 411 138 70 4 149 55 0.36 13.82 BURKINA FASO 670 416 279 140 4 289 126 0.43 31.45 CAMEROON 224 513 115 69 2 130 52 0.39 27.18 CENT. AFR. REP. 35 231 8 3 8 3 0.40 CHAD 292 211 62 29 1 59 30 0.50 60.56 COTE D'IVOIRE 398 459 183 62 2 173 69 0.40 33.66 GUINEA 12 276 3 1 3 1 0.40 MADAGASCAR 3 3 MALI 573 389 223 128 3 225 123 0.54 40.91 NIGER 5 447 2 0 1 1 0 0.11 0.25 SENEGAL 24 380 9 4 1 9 4 0.39 4.77 TOGO 102 332 34 12 32 14 0.42 F. Africa 2,672 395 1,056 520 17 1,079 480 0.44 27.94 ANGOLA 3 302 1 0 1 0 0 0.33 0.48 ETHIOPIA 66 423 28 33 25 52 0 33 0.63 0.63 GHANA 16 365 6 2 1 1 6 2 0.25 1.31 KENYA 21 181 4 1 2 5 0 1 0.23 0.23 MALAWI 151 240 36 21 3 32 22 0.61 7.20 MOZAMBIQUE 110 223 25 12 22 15 0.68 NIGERIA 253 202 51 22 1 19 39 16 0.28 0.84 SOUTH AFRICA 8 1,251 10 14 18 23 5 14 0.49 0.60 TANZANIA 315 217 68 100 34 57 77 0.84 2.24 UGANDA 61 275 17 16 1 24 9 0.37 17.18 CONGO, DR 2 8 8 2 0.27 0.27 ZAMBIA 298 143 43 65 2 59 47 0.78 ZIMBABWE 217 199 43 12 4 26 25 0.84 6.75 S. Africa 1,542 217 335 306 75 176 272 268 0.60 1.52 KAZAKHSTAN 103 582 60 32 0 11 48 32 0.53 2.75 KYRGYZSTAN 16 827 13 4 4 1 15 4 0.25 4.24 TAJIKISTAN 154 566 87 27 9 78 27 0.31 2.88 TURKMENISTAN 534 535 286 66 155 130 66 0.23 0.43 UZBEKISTAN 1,256 695 873 253 1 341 533 253 0.29 0.74 C. Asia 2,062 639 1,318 382 5 518 804 382 1.61 0.74

2016/17 SUPPLY & USE OF COTTON BY COUNTRY (cont'd) April 1, 2016 AUSTRIA 1 5 5 1 0.17 0.17 AZERBAIJAN 28 632 18 3 15 6 0.36 0.36 BELARUS 4 11 11 4 0.34 0.34 BELGIUM 1 13 5 8 1 0.11 0.27 BULGARIA 0 324 0 1 5 5 0 1 0.11 0.11 CZECH REP. 1 3 3 0 1 0.56 0.56 DENMARK 0 0 ESTONIA FINLAND FRANCE 3 16 13 3 3 0.16 0.20 GERMANY 11 52 48 5 11 0.20 0.22 GREECE 260 991 258 52 3 19 242 52 0.20 2.81 HUNGARY 0 0 0 0 0.16 0.16 IRELAND 0 0 0 0 0.07 0.07 ITALY 6 51 48 3 6 0.11 0.12 LATVIA 0 0 0 0 0 0.52 1.00 LITHUANIA 0 0 MOLDOVA 1 2 2 1 0.34 0.34 NETHERLANDS 0 4 4 0 0.10 NORWAY POLAND 2 7 7 2 0.27 0.27 PORTUGAL 6 33 29 11 0.37 0.37 ROMANIA 0 1 1 0 0.06 0.06 RUSSIA 1 520 1 17 52 52 1 17 0.32 0.32 SLOVAK REP. SPAIN 65 891 58 20 3 5 57 19 0.30 3.66 SWEDEN 0 0 SWITZERLAND 0 3 3 0 0 0.12 0.12 UKRAINE 0 2 2 0 0.20 0.20 UNITED KINGDOM 0 0 0 0 0.20 0.20 FORMER YUGOSLAVIA 1 6 6 1 0.23 0.23 Europe 356 939 335 132 275 286 319 137 0.23 0.48 Including EU-28 326 970 316 104 198 193 318 107 0.21 0.56 CHINA 3,123 1,489 4,649 12,021 936 6,750 4 10,851 1.61 1.61 TAIWAN 43 172 172 43 0.25 0.25 HONG KONG 32 1 3 29 8.91 Sub total 3,123 1,489 4,649 12,095 1,109 6,922 8 10,923 1.58 1.58 AUSTRALIA 284 2,259 641 216 0 7 596 254 0.42 37.90 INDONESIA 8 615 5 141 769 780 135 0.17 0.17 JAPAN 17 63 63 16 0.26 0.26 KOREA, D.R. 1 5 5 1 0.24 0.24 KOREA, REP. 53 281 281 53 0.19 0.19 MALAYSIA 54 73 16 79 32 0.34 2.03 PHILIPPINES 0 567 0 3 13 13 3 0.22 0.22 SINGAPORE 0 0 0 0 2.17 THAILAND 2 517 1 45 290 287 49 0.17 0.17 VIETNAM 9 465 4 129 1,374 1,272 235 0.18 0.18 E. Asia 321 2,048 658 661 2,867 2,731 675 779 0.23 0.29 AFGHANISTAN 43 413 18 14 4 13 14 0.78 3.15 BANGLADESH 40 708 28 300 1,131 1,159 300 0.26 0.26 INDIA 12,356 522 6,455 1,780 228 5,472 1,042 1,949 0.30 0.36 MYANMAR 244 634 155 104 10 207 62 0.30 0.30 PAKISTAN 2,941 698 2,053 539 270 2,215 43 605 0.27 0.27 SRI LANKA 1 2 2 1 0.36 0.36 S. Asia 15,627 557 8,710 2,739 1,642 9,063 1,098 2,930 0.29 0.32 IRAN 82 666 55 36 77 132 36 0.27 0.27 IRAQ 14 361 5 2 7 12 2 0.19 0.19 ISRAEL 7 1,898 14 2 14 1 0.09 SYRIA 9 985 9 103 33 1 77 2.24 2.33 TURKEY 422 1,607 678 774 876 1,523 43 763 0.49 0.50 Sub total 557 1,381 769 925 971 1,719 59 887 1.39 0.52 WORLD TOTAL 31,342 732 22,954 20,328 7,488 23,891 7,488 19,391 0.81 0.81 */ Ending stocks divided by consumption plus exports. Subtotals and total include countries not shown. **/ Ending stocks divided by consumption.