Market Outlook

See the latest Cotton & Wool Outlook report.

Global 2023/24 Cotton Production Forecast Above Mill Use

The latest U.S. Department of Agriculture (USDA) estimates indicate that global cotton mill use in 2023/24 (August–July) will total 112.5 million bales, 1 percent above 2022/23. Pakistan, India, and Vietnam are primarily responsible for the increase, with partial offsets from China and Turkey. China and India remain the leading cotton-spinning countries, with the top five countries projected to account for 76 percent of world cotton mill use in 2023/24.

Global cotton production is forecast at 112.8 million bales in 2023/24, a 3-percent decrease from 2022/23. China, the United States, and Australia are each estimated to decline more than 10 percent from the previous year. World cotton trade is projected at 42.9 million bales this season, a 16-percent increase from 2022/23 as Brazil’s exports rise significantly. With world cotton production slightly exceeding mill use in 2023/24, global ending stocks are projected to rise marginally.

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