Market Outlook

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World 2023/24 Cotton Mill Use Rebound Projected

The initial U.S. Department of Agriculture (USDA) cotton projections for 2023/24 (August–July) indicate a rebound in global mill use and slightly lower world production compared with 2022/23 (figure 1). Ending stocks are expected to decline marginally as mill use is forecast above production in 2023/24. Global cotton mill use is projected at 116.2 million bales, a 6.6-million-bale (6 percent) increase from 2022/23. Each of the major cotton spinning countries is projected to increase from the previous year, with Pakistan showing the largest percentage increase. China, India, Pakistan, and Bangladesh are forecast to lead 2023/24 cotton mill use.
World cotton production in 2023/24 is forecast at 115.7 million bales, 670,000 bales (0.6 percent) lower than the year before. China, India, and the United States are expected to lead cotton production in 2023/24. The top producers, besides China, are projected to increase production. China’s crop is projected at 27.5 million bales, a 3.2-million-bale (10 percent) decrease from 2022/23. A rebound is forecast for the United States, India, and Pakistan after last year’s weather-related issues reduced production.


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