Global cotton ending stocks to rise; output, exports to decline: WASDE

11 Apr '25

2 min read

Global cotton ending stocks to rise; output, exports to decline: WASDE

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Insights

USDA's April WASDE report projects global cotton production for 2024–25 at 120.89 million bales, slightly down from March.
Exports are cut by 380,000 bales due to tariff concerns, while ending stocks rise by 530,000 bales.
Global consumption and imports fall, largely due to lower demand from China and Indonesia.
US balance sheet sees a minor export cut and unchanged farm prices at 63 cents per pound.

For 2024–25, the United States Department of Agriculture (USDA) has projected a decrease in global cotton production by 70,000 bales, bringing the total to 120.89 million bales (each weighing 480 pounds), according to its April 2025 World Supply and Demand Estimates (WASDE) report. However, global cotton ending stocks are projected to rise by 530,000 bales, while exports are expected to decline by 380,000 bales. The lower export projection is attributed to global uncertainties following tariff-related concerns.

The USDA has revised global cotton production down from 120.96 million bales to 120.89 million bales in its April report. Cotton exports have been lowered to 42.33 million bales, compared to 42.71 million bales projected in the March 2025 report.

Domestic consumption of cotton has also declined to 116.02 million bales, from 116.54 million bales last month. Global textiles mill use is down by 520,000 bales this month, primarily due to reductions in China and Indonesia, which more than offset an increase in Turkiye. Similarly, global imports are lower this month, as decreases for China and Indonesia more than offset an increase for Turkiye, with only minor changes elsewhere.

The much-awaited WASDE report has projected ending stocks for the 2024–25 season at 78.86 million bales in the April report, compared to 78.33 million bales in the previous projection. Stock increases were noted in China, Australia, Brazil, Egypt, and the US, offsetting declines in Turkiye and Argentina.

Regarding the US cotton balance sheet, the only changes include a 100,000-bale reduction in exports to 10.9 million bales and a corresponding increase in ending stocks to 5.0 million bales. The projected 2024–25 season average upland farm price remains unchanged at 63 cents per pound.

Fibre2Fashion News Desk (KUL)

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