USDA Projects Global Cotton Trade To Rise 16% High In 2023-24
The latest U.S. Department of Agriculture (USDA) cotton projections for 2023-24 (August–July) indicate an increase in global trade to nearly 43.8 million bales, 16% above 2022-23 and the second highest since 2012-13. Record cotton trade of 48.9 million bales occurred in 2020-21. The leading cotton exporters are the United States and Brazil, where projected exports account for 32% and 21%, respectively, of the world total in 2023-24. India’s exports are also expected to rebound. The leading global cotton importers include China, Bangladesh and Vietnam.
Rising world cotton trade is a result of increased demand expectations from mills. Global mill use for 2023-24 is projected to rise 7% to 117 million bales, with all of the leading countries projected to increase use of cotton. World cotton production is forecast at 116.7 million bales in 2023/24, the highest in 4 years. As a result, 2023/24 global cotton stocks are projected slightly lower at 92.8 million bales, with China accounting for 41% of the world total. Cotton prices for 2023/24 are expected to decline from 2022/23’s relatively high level.
