COTTON AND WOOL OUTLOOK United States Department of Agriculture CWS-0395 Economic Research Service ----------------------------------------------------------------------------- Approved by the World Agricultural Outlook Board March 10, 1995 ----------------------------------------------------------------------------- Largest U.S. Cotton Supplies Since 1966 The 1994 U.S. cotton crop is estimated at a record 19.73-million bales (upland-19.39 million and ELS-342,000), compared with 16.13 million in 1993. Final upland and ELS cotton production and ginnings will be released by USDA on May 10. Total U.S. cotton supplies are forecast at 23.27 million bales, 5,000 above a month earlier. Cotton imports through December reached 7,000 bales and the estimate was increased to 10,000 bales for the season. Despite large supplies, total offtake is expected to reduce ending stocks on July 31 to 2.1 million bales, the lowest level since 1924. In addition, the stocks-to-use ratio, at 9.9 percent, would be the lowest on record. Mill Use Going Strong Cotton mill consumption remains strong according to the latest U.S. Commerce Department data. For the calendar month, preliminary January cotton mill use totaled 959,900 bales, the highest since September. On a daily basis, January mill use equaled 43,600 bales per day, up from December's seasonal low of 35,700 bales. Compared with a year ago, January's daily average was 5,000 bales higher. Cotton consumption during the first half of the 1994/95 season totaled 5.6 million bales, compared with 5.1 million last season. On a seasonally adjusted annual rate basis, January's mill use topped 11.3 million bales, bringing the season's average for the first 6 months to over 11.1 million. Based on the continued strength in cotton mill consumption, the USDA estimate was elevated to 11.3 million bales, the highest since 1942/43. Cotton's share of fiber use on the cotton system declined slightly in January to 76.8 percent, equal to the August-January average. If this average holds for the last half of the season, it would be the 11th consecutive annual increase and the highest since the 1967 season. Domestic demand for denim, apparel, and home furnishings, coupled with a strong cotton textile export demand, is expected to expand mill use for the fourth season in a row. December Textile Imports and Exports Decline Textile imports totaled 559 million pounds (raw-fiber equivalent) last December, a decrease of 36 million (6 percent) from a month earlier. Cotton and manmade textile imports accounted for 54 and 34 percent, respectively. Silk, wool, and linen textiles accounted for the remaining 12 percent. Cotton textile imports declined to 300 million pounds in December, from 309 million in November. The decrease in apparel imports more than offset slight increases in other end-use categories. Total U.S. textile exports declined in December to 224 million pounds, 7 percent below the previous month. Manmade textile shipments represented 51 percent of the total and cotton, 41 percent. Cotton textile exports, at 93 million pounds, declined for the second consecutive month and were the lowest since July. For all fibers, total December exports were lower in each end-use category than a month earlier. The overall December textile trade deficit was 336 million pounds, with cotton accounting for 62 percent of the total (129 million pounds). The deficit increased 22 percent from a year ago when it totaled 276 million pounds. However, the cotton trade deficit improved from 183 million pounds, representing 66 percent of the total in December 1993. Record U.S. Fiber Consumption in 1994 During calendar year 1994, U.S. textile exports rose to a record 2.8-billion pounds, more than 9 percent above 1993. Similarly, textile imports reached 7.4 billion pounds, also a record. The textile trade deficit continues to increase, reaching 4.6 billion pounds, up 383 million pounds from a year ago. Total domestic fiber consumption (U.S. mill use plus net textile trade balance) reached nearly 21 billion pounds. U.S. per capita consumption rose to a record 80.5-pounds, compared with 76 pounds in 1993. The trade deficit represented 22 percent of domestic fiber consumption last year. Trade in cotton textiles followed a similar pattern as total fibers. Cotton textile exports reached a record 1.1-billion pounds in 1994 compared with 958 million in 1993. However, cotton textile imports rose 6 percent to a high of 3.8 billion pounds. Despite near-record domestic mill use supported by rising textile exports, the cotton textile trade deficit has expanded to a record 2.7-billion pounds or 5.6 million bale equivalents. Total domestic cotton consumption rose to nearly 7.9 billion pounds. U.S. per capita cotton consumption increased to 30.2 pounds, 3 percent above 1993 and the largest since 1946 when consumption reached 31.4 pounds and cotton accounted for 74 percent of total fiber consumption. In addition, cotton per capita mill use, at 19.9 pounds, was the largest since 1968. However, net cotton textile trade accounted for 34 percent of domestic consumption in 1994. Raw Cotton Export Prospects Improve Despite the strength of U.S. cotton mill consumption in 1994/95, U.S. export prospects have been in the spotlight this season. The USDA export forecast was raised 400,000 bales this month to 10 million. If realized, this shipment level would be the third largest on record and the highest since 1926. With the tight world supply situation, foreign mills continue to turn to the United States for cotton. At the beginning of March, U.S. export commitments had already reached 10.8 million bales, an increase of 5.5 million in the last 5 months. Meanwhile, during this same period, the U.S. export forecast has risen 3 million bales. Based on the latest Export Sales report, cotton shipments this season through March 2 totaled 5.5 million 480-pound bales. Therefore, exports will need to average a healthy 213,500 bales per week for the remainder of the season to reach 10 million bales. Foreign Production and Consumption There was little net change in the 1994/95 outlook for foreign production, consumption, and imports this month. However, foreign exports were projected lower due to a slow pace of exports to date from Turkey and China, and with reduced competition, prospects for 1994/95 U.S. exports continued to improve. U.S. export sales continued to grow during February, and the pace of exports accelerated to record levels. U.S. exports are forecast to capture a 34.6 percent share of world cotton trade. Foreign production remained at 64.3 million bales for 1994/95 as a 200,000- bale decline in Egypt was offset elsewhere. Egypt's 1994/95 crop was already forecast down from 1993/94 due to lower area and a drop from 1993/94's record yields. However, yield prospects weakened further and the crop is now expected to reach only 1.2 million bales, 36 percent below last year. In contrast, a record crop is expected in Argentina, and the forecast was raised 125,000 bales to nearly 1.6 million. Weather has been favorable across much of South America this year, boosting Paraguay's crop this month as well. Elsewhere, Australia and Burkina Faso prospects improved, while estimates for Chad and Mexico dipped. Foreign consumption remained at 73.9 million bales for 1994/95 as a 65,000- bale decline in Mexico and a 25,000-bale decline in Egypt was offset elsewhere. Reduced Egyptian production is expected to hamper consumption, but the reduction in Mexico reflects continued financial difficulties since December's peso devaluation. While the peso's continued drop is expected to benefit export-oriented mills in Mexico, rising inflation and shrinking consumer demand is expected to force some domestic-oriented mills to close. In Turkey, an upward revision in 1993/94 consumption and progress in achieving customs union with the European Union, led to a 100,000-bale increase in the 1994/95 consumption forecast. Like Mexico, Turkey's domestic economy has suffered from extreme financial difficulties associated with weakening confidence by foreign investors. However, in Turkey the large and promising role for textile exports is expected to continue driving cotton consumption higher in 1994/95. Continued strong Turkish consumption and Turkey's export tax on cotton are expected to cut exports from Turkey this year, and the forecast was reduced 125,000 bales this month. Foreign imports remained at 29.8 million bales for 1994/95 as a 200,000-bale decline in Brazil was offset in China. The forecast for Brazil was reduced as a revision in 1992/93 imports raised this year's estimated beginning stocks. In addition, Brazilian purchases from the United States through March 2 were 45 percent lower this year. In contrast, China's strong pace of imports from the United States and other suppliers, and continued purchases from the United States during the last month, supported a 200,000-bale increase in China's 1994/95 import forecast. Conversely, exports by China were lowered 150,000 bales this month, to their lowest since 1982/83. The 400,000 bale forecast assumes a significant improvement in China's export pace in the coming months. Cotton Prices Remain High U.S. cotton prices were higher in February, continuing its remarkable rise this season as the world situation remains tight. The average price received by producers increased through mid-February to 81 cents per pound, compared with a revised 79.7 cents for January. Likewise, spot prices moved higher. The ELS spot price rose to near $1.11 per pound, the highest in 3-1/2 years. The upland spot price, on the other hand, jumped to 91.9 cents per pound, the highest since the seasonal average topped 1 dollar in the mid-1860's. Since prices continued to move higher (with the February spot more than 130 percent of the average for the preceding 36 months), producers with cotton loans that expire March 31 will not be allowed to extend these loans an additional 8 months. Similarly, mill-delivered upland prices climbed a nickel in February to average 100.1 cents per pound, the highest ever recorded. February's price was an astonishing 20 cents above a year ago and over 35 cents above February 1993. Despite these recent price gains, cotton mill use has not been affected. Meanwhile, manmade fiber prices have remained relatively stable, although above last year. Polyester prices were 82 cents per pound in February, 10 cents above a year ago. The adjusted world price (AWP) continued at historically high levels. For the week of March 10-16, the AWP in effect was 96.45 cents per pound, about 4 cents above the previous week and nearly 34 cents above this season's first announced AWP. Similarly, the A Index moved higher, surpassing the dollar mark in mid-February. For the week ending March 9, the A Index averaged over $1.10 per pound with only 6 of the 14 styles quoted. The Central Asian quote remains the cheapest, but is above $1.05. However, about 15 cents separate the highest and lowest quote within the A Index. The next issue of the Cotton and Wool Outlook will be released on April 11, 1995. For further information, contact Bob Skinner, Leslie Meyer, John Lawler, or Steve MacDonald at (202) 219-0840. U.S. COTTON SUPPLY AND USE ESTIMATES ---------------------------------------------------------------------- 1994/95 --------------------------- Item 1993/94 Jan Feb Mar ---------------------------------------------------------------------- Upland: Million acres Planted 13.25 13.89 13.56 13.56 Program 11.44 11.11 11.11 11.11 Harvested 12.59 13.16 13.16 13.16 Pounds Yield/harvested acre 601 707 707 707 Million 480-lb. bales Beginning stocks 4.46 3.30 3.30 3.30 Production 15.76 19.39 19.39 19.39 Total supply 20.23 22.69 22.69 22.70 Mill use 10.35 10.93 11.02 11.22 Exports 6.56 8.85 9.23 9.61 Total use 16.90 19.78 20.24 20.83 Ending stocks 3.30 3.07 2.60 2.02 Percent Stocks-to-use ratio 19.5 15.5 12.9 9.7 Extra-long staple: 1,000 acres Planted 190 169 169 169 Program 89 84 84 84 Harvested 189 166 166 166 Pounds Yield/harvested acre 938 987 987 987 1,000 480-lb. bales Beginning stocks 206 227 227 227 Production 370 342 342 342 Total supply 576 569 569 569 Mill use 72 75 85 85 Exports 307 350 375 390 Total use 379 425 460 475 Ending stocks 227 134 99 84 Percent Stocks-to-use ratio 59.9 31.5 21.5 17.7 ---------------------------------------------------------------------- Based on USDA estimates. WORLD COTTON SUPPLY AND USE ESTIMATES ---------------------------------------------------------------------- 1994/95 --------------------------- Item 1993/94 Jan Feb Mar ---------------------------------------------------------------------- Supply: Million 480-lb. bales Beginning stocks World 38.20 29.94 30.14 30.72 Foreign 33.54 26.41 26.61 27.19 Production World 76.93 84.01 84.04 84.02 Foreign 60.79 64.29 64.31 64.29 Imports World 27.93 28.76 29.78 29.81 Foreign 27.93 28.75 29.78 29.80 Use: Mill use World 85.07 86.11 84.99 85.20 Foreign 74.65 75.11 73.89 73.90 Exports World 26.76 27.92 28.64 28.88 Foreign 19.90 18.72 19.04 18.88 Ending stocks World 30.72 28.57 30.22 30.36 Foreign 27.19 25.37 27.52 28.26 Stocks-to-use ratio Percent World 36.1 33.2 35.6 35.6 Foreign 36.4 33.8 37.2 38.2 ---------------------------------------------------------------------- Based on USDA estimates. FIBER SUPPLY ---------------------------------------------------------------------- 1994 1995 1994 ----------------- Item Nov Dec Jan Jan ---------------------------------------------------------------------- Cotton: 1,000 480-lb. bales Ginnings 6,826 2,904 588 261 Imports since August 1 4.7 6.6 NA 1.3 Stocks, beginning 8,632 13,812 14,835 14,276 At mills 591 598 667 645 Public storage 6,734 11,450 12,260 12,367 CCC stocks 940 2,338 2,861 2,488 Manmade: Million pounds Production 810.9 817.9 818.1 804.5 Noncellulosic 872.2 773.6 778.2 760.8 Cellulosic 38.7 44.3 39.9 43.7 Total since January 1 8,810.0 9,622.4 818.1 804.5 1994 1993 ---------------------------- Oct Nov Dec Dec -------------------------------------- Million pounds Raw fiber imports 94.6 93.9 94.3 77.3 Noncellulosic 88.8 87.4 87.8 66.7 Cellulosic 5.8 6.5 6.5 10.6 Total since January 1 800.7 894.0 988.3 934.7 Wool and Mohair: 1,000 pounds Raw wool imports, clean 5,723 8,116 7,313 8,419 48's-and-finer 3,363 5,346 5,738 7,293 Not-finer-than-46's 2,314 2,388 1,291 890 Total since January 1 76,288 84,404 91,717 100,311 Wool top imports 271 1,087 360 570 Total since January 1 3,380 4,467 4,827 3,956 Mohair imports, clean 62 41 5 0 Total since January 1 171 212 217 13 ---------------------------------------------------------------------- NA = Not available. COTTON SYSTEM FIBER CONSUMPTION ---------------------------------------------------------------------- 1994 1995 1994 ------------------ Item Nov Dec Jan Jan ---------------------------------------------------------------------- Cotton: 1,000 480-lb. bales All consumed by mills 1/ 937 785 960 811 Total since August 1 1/ 3,857 4,642 5,602 5,055 SA annual rate 2/ 11,179 11,157 11,349 10,049 SA daily rate 2/ 43.0 42.9 43.7 38.6 Daily rate 42.6 35.7 43.6 38.6 Upland consumed by mills 1/ 929 778 952 805 Total since August 1 1/ 3,828 4,606 5,558 5,025 SA annual rate 2/ 11,092 11,083 11,251 9,976 SA daily rate 2/ 42.7 42.6 43.3 38.4 Daily rate 42.2 35.4 43.3 38.3 Spindles in place 7,346 7,266 7,272 7,977 Active spindles 6,927 6,824 6,846 7,483 100 percent cotton 2,914 2,918 2,948 3,214 100 percent manmade 1,182 1,169 1,159 1,297 Blends 2,831 2,737 2,739 2,972 Cotton's share of fibers 76.5 77.0 76.8 76.0 Manmade: 1,000 pounds Total consumed by mills 1/ 138,386 112,299 139,085 122,773 Total since August 1 1/ 559,302 671,601 810,686 771,643 Daily rate 6,290 5,105 6,322 5,846 Noncellulosic staple 5,310 4,354 5,429 4,926 Cellulosic staple 980 751 893 920 ---------------------------------------------------------------------- 1/ Adjusted to calendar month. 2/ SA = seasonally adjusted. FIBER EXPORTS ---------------------------------------------------------------------- 1994 1993 ---------------------------- Item Oct Nov Dec Dec ---------------------------------------------------------------------- Cotton: 1,000 480-lb. bales Upland exports 336 695 1,072 546 Total since August 1 1,171 1,866 2,938 1,772 Sales for next season 71 2,775 -187 -15 Total since August 1 100 2,874 2,687 128 ELS exports 4.9 14.8 26.7 25.5 Total since August 1 33.9 48.8 75.4 85.8 Sales for next season 0.0 4.2 9.9 0.0 Total since August 1 0.0 4.2 14.1 1.6 Manmade: Million pounds Raw fiber exports 79.6 83.4 88.4 60.5 Noncellulosic 74.3 75.9 81.4 57.9 Cellulosic 5.3 7.5 7.0 2.6 Total since January 1 742.6 825.9 914.3 684.8 Wool and Mohair: 1,000 pounds Raw wool exports, clean 409.9 6.9 262.3 150.6 Total since January 1 2,593.4 2,600.3 2,862.6 2,528.6 Wool top exports 912.4 1,115.3 1,728.7 1,424.6 Total since January 1 10,982.5 12,097.8 13,826.5 10,453.9 Mohair exports, clean 1,268.0 900.4 1,081.7 1,315.0 Total since January 1 6,751.7 7,652.1 8,733.8 6,632.3 ---------------------------------------------------------------------- FIBER PRICES ---------------------------------------------------------------------- 1994 1995 1994 ------------------- Item Dec Jan Feb Feb ---------------------------------------------------------------------- Domestic cotton prices: Cents per pound Adjusted World Price 72.09 80.66 85.84 66.26 Mar'95 futures 84.84 91.17 95.46 71.29 Dec'95 futures 72.21 74.42 75.25 NA Upland spot 41-34 81.92 88.11 91.89 72.69 Pima 46-03 108.83 108.88 110.61 91.29 Avg. price received by: Upland producers 73.20 79.70 81.00 66.00 Mill delivered: Cotton Actual 87.39 95.17 100.06 79.59 Raw fiber equivalent 97.10 105.74 111.18 88.43 Rayon staple Actual 104.00 104.00 104.00 104.00 Raw fiber equivalent 108.33 108.33 108.33 108.33 Polyester staple Actual 78.00 82.00 82.00 71.00 Raw fiber equivalent 81.25 85.42 85.42 73.96 Price ratios Percent Cotton/rayon 89.6 97.6 102.6 81.6 Cotton/polyester 119.5 123.8 130.2 119.6 Northern Europe cotton quotes: Cents per pound A Index 87.06 95.63 100.51 80.54 Memphis Territory 92.15 100.31 103.94 82.50 California/Arizona 96.65 105.06 108.69 82.25 B Index NQ 96.60 98.39 78.42 Orleans/Texas 90.10 97.56 101.13 78.81 Wool prices (clean): Dollars per pound U.S. 56's 1.45 1.45 1.56 1.08 Australian 56's 1/ 2.17 2.32 2.41 1.57 U.S. 60's 1.65 1.66 1.79 1.20 Australian 60's 1/ 2.27 2.47 2.61 1.69 U.S. 64's 2.38 2.45 2.55 1.50 Australian 64's 1/ 2.81 2.91 2.97 2.16 ---------------------------------------------------------------------- NQ = No quote. 1/ In bond, Charleston, SC. TEXTILE TRADE ---------------------------------------------------------------------- 1994 1993 ------------------------------- Item Oct Nov Dec Dec ---------------------------------------------------------------------- Imports: 1,000 pounds 1/ Yarn, thread, and fabric 168,038 158,101 179,254 150,048 Cotton 73,350 70,193 83,394 74,527 Linen 25,628 19,599 27,808 19,304 Wool 4,491 4,322 3,470 4,478 Silk 834 908 696 285 Manmade 63,735 63,079 63,885 51,454 Apparel 462,646 386,329 327,367 277,438 Cotton 242,630 213,810 189,844 156,967 Linen 23,753 16,232 10,152 10,927 Wool 24,164 15,001 8,639 7,716 Silk 15,924 12,604 11,567 11,749 Manmade 156,175 128,682 107,165 90,079 House furnishings 28,471 28,354 28,593 27,885 Cotton 19,642 19,753 20,276 20,032 Linen 221 131 221 111 Wool 164 133 133 99 Silk 19 23 22 32 Manmade 8,425 8,314 7,941 7,611 Floor covering 18,066 17,563 19,012 19,294 Cotton 4,466 3,599 3,863 5,682 Linen 3,322 3,065 3,389 1,581 Wool 3,231 3,379 5,124 6,580 Silk 416 439 499 328 Manmade 6,631 7,081 6,186 5,123 Total imports 2/ 682,842 595,346 559,434 479,989 Cotton 341,900 309,031 299,592 258,824 Linen 17,194 13,976 12,734 31,960 Wool 32,282 23,014 17,509 19,051 Silk 52,963 39,075 41,872 12,397 Manmade 238,502 210,250 187,726 157,757 Exports: 1,000 pounds 1/ Yarn, thread, and fabric 118,195 116,093 114,805 108,426 Cotton 38,087 37,800 37,800 30,791 Linen 3,551 3,462 3,477 2,834 Wool 3,336 2,924 3,474 2,779 Silk 1,471 1,754 1,464 1,584 Manmade 71,750 70,153 69,243 70,438 Apparel 93,865 87,686 76,977 61,233 Cotton 59,592 53,885 49,127 38,756 Linen 2,840 2,195 1,793 1,624 Wool 3,003 3,111 2,410 1,850 Silk 1,568 1,488 1,042 1,066 Manmade 26,862 27,008 22,605 17,937 House furnishings 7,503 7,403 5,903 5,922 Cotton 4,426 4,167 3,308 3,602 Linen 187 318 277 184 Wool 80 77 81 41 Silk 99 183 198 138 Manmade 2,711 2,657 2,038 1,957 Floor covering 28,006 28,422 25,833 27,604 Cotton 3,410 3,550 3,119 2,870 Linen 1,180 1,271 1,127 1,247 Wool 1,753 1,424 1,318 1,197 Silk 3/ --- --- --- --- Manmade 21,663 22,177 20,268 22,290 Total exports 2/ 247,929 240,182 223,812 203,512 Cotton 105,556 99,474 92,743 76,063 Linen 7,767 7,261 6,683 5,898 Wool 8,196 7,565 7,304 5,881 Silk 3,137 3,424 2,705 2,788 Manmade 123,273 122,458 114,378 12,882 ---------------------------------------------------------------------- 1/ Raw fiber equivalent. 2/ Includes headgear. 3/ Absence of trade. U.S. FIBER CONSUMPTION: TOTAL AND PER CAPITA, BY TYPE OF FIBER, 1990-94 ------------------------------------------------------------------------------ Textile trade 1/ Total Per capita 3/ Fiber U.S. Percent ------------------ domestic Percent and mill of Exports Imports consumption of Mill Domestic year use fibers 2/ fibers use consumption ------------------------------------------------------------------------------ Million Percent --------Million pounds------- Percent ------Lbs.------ lbs. Cotton: 1990 4,115.3 30.6 664.8 2,416.4 5,866.9 35.9 16.5 23.5 1991 4,347.5 31.7 722.9 2,592.9 6,217.5 37.3 17.2 24.6 1992 4,761.6 32.3 844.9 3,193.2 7,109.9 38.1 18.6 27.8 1993 4,937.7 32.1 958.3 3,574.4 7,553.8 38.5 19.1 29.3 1994 5,191.6 31.7 1,107.4 3,795.9 7,880.1 37.6 19.9 30.2 Wool: 1990 132.7 1.0 59.6 205.8 278.9 1.7 0.5 1.1 1991 151.5 1.1 63.3 210.9 299.1 1.8 0.6 1.2 1992 150.8 1.0 72.2 237.4 316.0 1.7 0.6 1.2 1993 156.8 1.0 77.6 260.5 339.7 1.7 0.6 1.3 1994 153.1 0.9 91.6 309.6 371.1 1.8 0.6 1.4 Manmade fibers: 1990 9,047.0 67.3 1,339.3 1,750.4 9,458.1 57.9 36.2 37.8 1991 9,102.3 66.3 1,400.1 1,769.0 9,471.2 56.8 36.0 37.5 1992 9,742.7 66.0 1,418.8 2,126.5 10,450.4 56.5 38.1 40.9 1993 10,169.4 66.2 1,388.1 2,221.2 11,002.5 56.1 39.4 42.6 1994 10,886.4 66.6 1,448.1 2,530.0 11,968.3 57.0 41.8 45.9 Flax and silk: 1990 149.9 1.1 91.5 667.7 726.1 4.4 0.6 2.9 1991 122.3 0.9 93.4 647.9 676.8 4.1 0.5 2.7 1992 107.2 0.7 90.8 653.4 669.8 3.6 0.4 2.6 1993 104.9 0.7 98.3 711.2 717.8 3.7 0.4 2.8 1994 122.2 0.8 109.7 749.9 762.4 3.6 0.5 2.9 All fibers: 1990 13,444.9 100.0 2,155.2 5,040.3 16,330.0 100.0 53.8 65.3 1991 13,723.6 100.0 2,279.7 5,220.7 16,664.6 100.0 54.3 65.9 1992 14,762.3 100.0 2,426.7 6,210.5 18,546.1 100.0 57.8 72.6 1993 15,368.8 100.0 2,522.3 6.767.3 19,613.8 100.0 59.5 76.0 1994 16,353.3 100.0 2,756.9 7,385.3 20,981.9 100.0 62.7 80.5 ------------------------------------------------------------------------------ 1/ Raw-fiber-equivalent of imports and exports of textile products. 2/ Total domestic consumption is U.S. mill consumption plus net textile product trade balance. 3/ July 1 population for 1990=249.9 million, 1991=252.6 million, 1992=255.4 million, 1993=258.1 million, and 1994=260.7 million. Source: Bureau of the Census.