USDA Raises 2023/24 Cotton Consumption in Its Oct Report

In the global cotton supply and demand balance sheet released by the USDA in October, the data adjustments for the 2023/24 season are not significant. Specifically, the USDA has mainly increased the consumption by 150,000 tons to 24.79 million tons, with the primary adjustment being an increase of 110,000 tons in China's consumption to 8.38 million tons. In other data, production was slightly raised by 20,000 tons, ending stocks were reduced by 90,000 tons, imports were increased by 50,000 tons, and exports were raised by 10,000 tons. Overall, influenced by the high production and exports of Brazilian cotton in 2023/24, global cotton trade volume has notably increased in a situation where global production has decreased, while the estimated consumption growth compared to the previous year is not significant, projected to only rise by around 260,000 tons.