The US Department of Agriculture (USDA) predicts a decline in global cotton production for the year 2023-24, estimating it to be around 116.84 million bales of 480 pounds/218 kg. This projection represents a decrease from the previous year's production of 117.97 million bales.
The USDA's July 2023 World Agriculture Supply and Demand Estimate (WASDE) report also reveals expectations of increased global cotton consumption, larger opening and closing stocks, and a rise in global exports.
According to the report, global cotton consumption is anticipated to reach 116.45 million bales, showing growth from the previous year's figure of 109.77 million bales. The opening stock for the upcoming year is estimated at 93.95 million bales, compared to 86.04 million bales last year.
The closing stock is projected to be 94.52 million bales, slightly higher than the 93.95 million bales recorded in the previous year. Global cotton exports are expected to rise to 43.51 million bales, an increase from the 37.56 million bales reported last year. The USDA report highlights specific country projections as well. India's opening stock is expected to increase to 11.6 million bales in 2023-24, while cotton production is estimated to decline slightly to 25.50 million bales.
India's consumption is projected to rise to 24.50 million bales, and exports may increase to 2.20 million bales. China, on the other hand, is forecasted to experience a decrease in cotton production to 27 million bales from the previous year's 30.70 million bales.
As a result, its imports could rise to 9.75 million bales. China's consumption is also expected to increase to 37 million bales. In contrast, the United States may witness growth in cotton production, with an estimated increase to 16.50 million bales from last year's 14.47 million bales.
US cotton exports may also see an upward trend, potentially reaching 13.75 million bales compared to the previous year's 12.90 million bales.
