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 mn bales, each weighing 480 pounds and total 119.05 mn 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 mn 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 mn bales to 83.0 mn 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.
