Market Outlook

See the latest Cotton & Wool Outlook report.

The United States Leads 2024/25 Global Cotton Production Increase

The initial U.S. Department of Agriculture (USDA) cotton projections for 2024/25 (August–July) indicate an increase in global production compared with 2023/24. World cotton production is projected at 119.0 million bales in 2024/25, 5.5 million bales (5 percent) above 2023/24. The major producing countries are mixed, with the United States and Brazil leading the increase but partially offset by declines in India and China. U.S. cotton production is expected to rise nearly 4 million bales (33 percent) to 16.0 million bales in 2024/25.

World cotton mill use also is forecast to increase in 2024/25, up 3 percent (3.5 million bales) to 116.9 million bales. Mill use in each major cotton spinning country is projected to increase, with China and India accounting for more than half of the world total again in 2024/25. Global ending stocks are forecast to expand 3 percent (2.5 million bales) to 83.0 million bales in 2024/25 as world production growth is expected to outpace mill use. Global trade remains relatively unchanged from 2023/24, with the United States and Brazil the leading exporters.