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World 2025/26 Cotton Mill Use Projected To Exceed Production
The latest U.S. Department of Agriculture (USDA) cotton projections for 2025/26 (August–July) indicate that global mill use is forecast to decrease 320,000 bales (less than 0.5 percent) from the previous year to 118.8 million bales. Declines for China and Turkey are expected to be offset slightly by gains elsewhere. China remains the largest user of raw cotton, accounting for 32 percent of the global total in 2025/26.
World cotton production is expected to decrease 1.5 million bales (1.3 percent) from the previous year to 117.7 million bales in 2025/26. The United States and Australia are the major contributors to the lower production. With global mill use projected to exceed production in 2025/26, world cotton stocks are forecast to decline 1 percent (920,000 bales) to 73.1 million bales, the lowest in 4 years. Global cotton trade in 2025/26 is expected to be slightly elevated from the previous year, with Brazil and the United States continuing as the primary exporters, while Bangladesh and Vietnam are forecast as the leading importers.