Cotton Outlook Press Release
May 26, 2023
Cotlook’s May supply and demand forecasts indicate lower consumption and higher world ending stocks for both 2022/23 and 2023/24
Cotlook’s forecast of global raw cotton output in 2022/23 has been reduced this month, by 69,000 tonnes to 24,852,000 tonnes. Reductions for the African Franc Zone and the United States were partially offset by increases for China and Australia. The figure for 2023/24, however, has been adjusted upwards marginally owing to a rise for the United States (reflecting forecasts of lower abandonment in Texas), partially offset by a decline for China and others.
Consumption, meanwhile, has been reduced by 370,000 tonnes for 2022/23 and 240,000 tonnes for 2023/24, both owing to reductions for the Indian subcontinent as a result of persistently poor downstream textile demand.
Thus, the margin between output and mill use has widened to 1,977,000 tonnes this season, and to 1,127,000 tonnes for 2023/24