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Post forecasts consumption of cotton in the Malaysian textile industry at 290,000 bales in marketing year (MY) 2022/23, a 3.3 percent drop from the previous year post’s estimate. The expected reduction is based on textile companies shifting their operation to other South-East Asian countries as the cost of labor increased in Malaysia with the revision of new minimum wages on April 1, 2022.
Post forecasts consumption of cotton in the Malaysian textile industry at 290,000 bales in marketing year (MY) 2022/23, a 3.3 percent drop from the previous year post’s estimate.