Key textile executives from 10 Korean companies are touring the U.S. Cotton Belt the week of April 17 to observe U.S. cotton production, processing and marketing and to meet with U.S. cotton exporters.
The special tour – the COTTON USA Korean Special Trade Mission – is being conducted by Cotton Council International (CCI), the National Cotton Council’s export promotions arm.
At this point in the 2015-16 marketing year (ending July 31, 2016), Korea ranks as the sixth largest U.S. cotton importer, with current U.S. export commitments to Korea at 440,000 bales. The country imported 650,000 U.S. bales in the 2014-15 marketing year.
U.S. market share with the 10 participating Korean companies is estimated at 54%. These mills are expected to consume about 1.1 million bales in 2015-16, representing 85% of Korea’s total cotton consumption. Many of these Korean mills also have textile investments outside of Korea – primarily in Vietnam – which consume some 390,000 bales, of which about 182,000 bales are from the United States.
CCI President Keith Lucas said, “We hope this tour will provide these Korean executives with a better appreciation for U.S. cotton’s superior quality and our industry’s outstanding reputation for timely delivery so that their desire for using more U.S. cotton will increase,” said CCI President Keith Lucas.
The Korean delegation will begin its tour in New York with a CCI briefing and an ICE Futures seminar. The group will also see cotton research in North Carolina, tour the USDA cotton classing office in Bartlett, TN, and visit a farm in California’s San Joaquin Valley.
The executives also will meet with exporters in the Cotton Belt’s four major regions and with key industry organizations, including AMCOT, American Cotton Producers, American Cotton Shippers Association, Cotton Incorporated, Lubbock Cotton Exchange, National Cotton Council, Plains Cotton Growers, Southern Cotton Growers Association, Texas Cotton Association, Western Cotton Shippers Association and Supima.
Cotton Council International is dedicated to increasing U.S. exports of cotton, cottonseed and their products in overseas markets.
Source – Cotton Council International