June 17, 2024

USDA Projects Global Cotton Consumption Increase Of 3%

In its latest May 2024 report, the US Department of Agriculture (USDA) has projected global cotton consumption to increase by 3 percent year-on-year.

While, global cotton production is expected to rise by 5.4 million bales, each weighing 480 pounds and total 119.05 million bales.

“This boost in production is anticipated to lead to a rise in both global consumption and ending stocks,” USDA added.

“Of the total cotton production, 116.86 million bales will be consumed domestically in the producing countries,” the report informed.

With production growth expected to outpace consumption, ending stocks worldwide are forecasted to rise by 2.5 million bales to 83.0 million bales.

Notable increases in cotton crops from Brazil, the United States, and Turkiye are expected to more than offset smaller outputs from China and India.

USDA projects that the elevation in global supplies is projected to boost world trade to its highest level in four years.

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