Market Outlook
See the latest Cotton & Wool Outlook report.
Global 2023/24 Cotton Production Forecast Raised This Month, but Still Below Last Year
The latest U.S. Department of Agriculture (USDA) estimates indicate that global cotton production in 2023/24 (August–July) will total 113.0 million bales, nearly 3 percent below 2022/23. Pakistan and Brazil are the only major producing countries that show increases from last year, up 72 percent and 24 percent, respectively. Australia, the United States, China, and India all decreased production in 2023/24. China and India remain the leading cotton producers, accounting for a combined 47 percent of world production this season.
Global cotton mill use in 2023/24 is estimated at 113.0 million bales, less than 2 percent above 2022/23. Turkey is the only major cotton-spinning country to show a decline (-7 percent) from the previous year. While China’s mill use is forecast unchanged in 2023/24 compared with last year, mill use in Pakistan, India, Vietnam, and Bangladesh is estimated to increase. World cotton trade is projected at 43.3 million bales this season, a 17-percent increase from 2022/23, as Brazil’s exports and China’s imports rise significantly. Global ending stocks are projected to remain about 83.3 million bales, marginally above 2022/23.