The WASDE report stated that global cotton consumption is likely to increase to 116.45 million bales, up from 109.77 million bales of the previous year. The opening stock will be 93.95 million bales in 2023-24, compared to the opening stock of 86.04 million bales last year. The closing stock is estimated at 94.52 million bales for the next year. It was estimated at 93.95 million bales during the last year. The report estimated that the global cotton export will rise to 43.51 million bales from 37.56 million bales last year. 

The USDA report indicated that India’s opening stock may increase to 11.6 million bales in 2023-24, compared to the last opening stock of 8.60 million bales. However, cotton production is estimated to decline from 26 million bales to 25.50 million bales. India’s consumption may increase to 24.50 million bales from 23.50 million bales of the current year. India’s export is likely to increase to 2.20 million bales from 1.25 million bales this year. 

China's production is projected to decrease to 27 million bales from 30.70 million bales of last year. Consequently, its import could jump to 9.75 million bales from 6.35 million bales. China’s consumption may also rise to 37 million bales from 36.50 million bales. Cotton production in the US may increase to 16.50 million bales from 14.47 million bales of last year. Its export could go up to 13.75 million bales next year from 12.90 million bales of the previous year. 

Fibre2Fashion News Desk (KUL)