Global cotton production is expected to fall by 5 million bales (217.7 kg) this season (October 2023-September 2024) as production in China, the US, Australia, and India has been affected.
Cotton prices are expected to fall this quarter, but are likely to rise from at least the second quarter of 2024, industry experts and analysts say. However, the decline in cotton production is unlikely to impact the textile industry as the industry has switched to alternative fibers such as synthetic and blended fibers. “Global (cotton) production is expected to reach 112.1 million bales in the 2023-24 season, compared to an estimated production of 117.6 million bales in the 2022-23 season, compared to the previous year. “Our assessment of the decline in the global production outlook is based on an expected 12.1% year-over-year decline in mainland China and the United States, where a sharp decline in acreage and adverse weather conditions “This is weighing on production forecasts”. BMI is a research organization that is a division of Fitch Solutions.