Cotton Outlook Projects Reduced Global Output For 2023-24

Cotton Outlook’s forecast of global raw cotton production in 2023-24 has this month been reduced by 529,000 tons.

The decline is attributed principally to weather-related losses in the United States, plus a smaller adjustment for the African Franc Zone, based on the latest planting data.

Output in 2022-23, however, has been raised by 176,000 tons, mainly reflecting an addition for India.

World consumption has been increased for both 2022-23 and 2023-24, by 111,000 and 148,000 tons, respectively. In both seasons, China accounted for the largest adjustment.

Therefore, the margin by which output is estimated to have exceeded consumption in the now concluded 2022-23 season has widened to 2.28 million tons, whilst the projected surplus for 2023-24 has narrowed to 1.01 million tons.