The US saw a decrease in the import of cotton products in 2022, measured in square meter equivalent, after reaching the highest level in a decade.

However, the International Trade Administration's Office of Textile and Apparels reported that the value of cotton products imports in 2022 was a record $57 billion, which was nearly $8 billion higher than the previous year. The increase in value was attributed to greater unit values and sustained demand from US consumers. Despite consumer inflation, purchases were supported by robust levels of consumer discretionary income, low unemployment, and higher wage growth, according to the United States Department of Agriculture.

China remained the largest supplier of cotton products for the 20th consecutive year, despite the Section 301 tariffs and the Uyghur Forced Labor Prevention Act. Cotton's market share of total apparel imports fell to approximately 40 per cent, while man-made fibres including polyester, nylon, spandex, and acrylic tied its record for market share among all US apparel imports at nearly 60 per cent.

Global trade of cotton is forecasted to be down to 39.6 million bales, the lowest level in six years, mostly attributed to lower global consumption. Global ending stocks are forecast to be up to 91.1 million bales, with China's beginning and ending stocks being revised higher due to changes in consumption in 2021-22 and higher 2022-23 production. The US balance sheet is unchanged, and the projected US season-average farm price is also unchanged at 83 cents per pound.