Market Outlook
See the latest Cotton & Wool Outlook report.
China’s Large 2023/24 Cotton Imports Drive Global
Trade Higher
The latest U.S. Department of Agriculture (USDA) estimates for 2023/24 (August–July) indicate that China’s cotton imports are projected to increase to 14.2 million bales, 128 percent above 2022/23. These increased imports are primarily to replenish the national reserve. China’s cotton import estimate accounts for 32 percent of the 2023/24 global total (43.9 million bales) and is significantly higher than 2022/23’s share of 17 percent. Imports for the rest of the world are estimated at 29.7 million bales. Meanwhile, the United States and Brazil are the leading cotton exporters to the world in 2023/24.
Global cotton production in 2023/24 is estimated at 112.9 million bales, 3 percent below 2022/23, as offsetting changes for major producers keep this season’s total crop forecast at a 6-year low. World cotton mill use is projected to increase 1.4 percent to 112.8 million bales in 2023/24, led primarily by Pakistan, India, and China. World ending stocks are expected to increase marginally (0.6 percent) from the previous year to 83.1 million bales.
