Global Cotton Mill Use To Rebound in 2023/24
World cotton mill use is forecast to rebound in cotton year 2023-24 to 117 million bales (1 bale = 480 pounds), up seven percent or 7.9 million bales from the previous cotton season.
After two years of decline in mill consumption, attributable in part to relatively high cotton fibre prices and rising yarn and fabric inventories, cotton prices have now stabilised,” the US Department of Agriculture (USDA) said in a report.
“Additionally inventory destocking that occurred in 2022-23, support considerable mill use growth expectations for 2023-24, with global economic conditions also playing a key role for cotton mill use prospects in 2023-24” USDA added.
Cotton mill use in China is forecast at 37.5 million bales, up 2.7 percent from the previous season, with this consumption expected to account for 32 percent of 2023-24 world cotton mill use.
India’s cotton mill use is projected at 24.5 million bales in 2023-24, up 6.5 percent over the previous season, with Indian cotton use expected to be 21 percent of the global use in 2023-24.
Pakistan’s cotton usage is also expected to expand 14 percent, from a year ago to 9.8 million bales in 2023/24.
“Smaller, but still significant gains are projected for Bangladesh, Vietnam, and Turkey with cotton mill use rebounding toward record levels achieved in recent years,” USDA informed
