Global cotton production is expected to decline in 2023 24 as large producers reduce cotton** by reducing planting, although global consumption is expected to increase slightly.
This is not the case in Brazil or Pakistan. But China, India, and the U.S. have reduced**. Global cotton production is expected to fall to 24.48 million tonnes in the 2023 24 cotton season, which begins harvesting in August, compared to 24.84 million tonnes in the previous 2022 23 season, according to the latest data from the International Cotton Advisory Committee (ICAC).5%)。
Consumption in 2023 24 should reach 23.76 million tons, compared to 23.67 million tons in 2022 23, a decrease of 035%。Worldwide, the area under cultivation has decreased for the third time in a row, reaching 31.92 million hectares at the time of harvest in 2023-24.
Specific to Brazil. In the current harvest, Brazilian producers have increased their planting area to 1.8 million hectares, bringing cotton production to 3.3 million tons. Domestic consumption stabilized at around 700,000 tons. Most of them even went to foreign markets, which guaranteed Brazil to become the second largest exporter of cotton in the world after the United States.
The impact on the negotiations** was evident as world production declined, as pointed out by CEPEA (Advanced Research Center for Applied Economics, Department of Economics, Administration and Sociology, Faculty of Economics, Luis de Queiroz, University of São Paulo), Brazil's production increased in February.
In terms of production, Brazil became the third largest cotton producer in the world as cotton production increased in 2023 24. It was ranked fourth in the previous season.
It should be noted that in terms of cotton consumption, Brazil ranks among the top 10 cotton consumers in the world, ranking seventh.