Market Outlook

See the latest Cotton & Wool Outlook report.

Global 2024/25 Cotton Production Increases to
Highest Level Since 2019/20

The latest U.S. Department of Agriculture (USDA) cotton projections for 2024/25 (August–July) indicate that global production is forecast at 117.4 million bales, a 4-percent increase from 2023/24 and the highest in 5 years. Led by the United States, Brazil, and China, the global increase is partially offset by reductions for Pakistan and India.

Global cotton mill use is expected to rise nearly 1.5 million bales (1 percent) to 115.8 million bales, the highest since 2020/21. Slight gains for five of the six top cotton-spinning countries account for the 2024/25 world increase, with China’s expected mill use decline slowing the global growth this year. World cotton trade is forecast at 42.3 million bales this season, a 5-percent decrease from 2023/24 as China’s imports decline significantly. Global ending stocks are estimated to rise in 2024/25 as the year-over-year production gain outpaces the mill use growth. World cotton stocks are projected to increase approximately 2 million bales to 76.0 million in 2024/25, a stocks-to-use ratio of 66 percent