ICAC: 2024/25 Cotton Stocks Lowest Since 2011/12

China drives decline in global cotton reserves as ICAC reports tighter supplies for 2024/25.

The International Cotton Advisory Committee (ICAC) has projected that global cotton ending stocks for the 2024/25 season will fall to their lowest level since 2011/12, signaling a tightening supply situation led by China’s reduced inventories.

Global cotton supply and demand for the 2025/26 season remain nearly unchanged from last month, with production estimated at 25.43 million tonnes and consumption at 25.4 million tonnes. However, the key development is in ending stocks, which are forecast to be the lowest since the 2011/12 season, according to the latest report by the International Cotton Advisory Committee (ICAC).

Global ending stocks for 2024/25 are expected to decline by 3.8%, reaching 15.37 million tonnes. The largest contributor to this reduction is China, whose stocks fell 9% to 7.89 million tonnes. The drawdown in China’s reserves has also led to a 65% drop in imports, totaling 1.1 million tonnes. Looking ahead, China plans to issue 200,000 tonnes of sliding tariff rate cotton import quotas to textile manufacturers for 2025/26, consistent with the previous year’s policy.

Outside of China, ending stocks for 2024/25 increased modestly by 2%, with the United States posting a notable 9% rise in reserves to 817,000 tonnes. Brazil and the West African region also reported higher stock levels for the same period.

ICAC Data Rectification Process

The ICAC Secretariat is conducting a comprehensive data rectification initiative to enhance statistical accuracy across all reporting regions. This includes updated figures for Peru, Colombia, and Tanzania, while trade data revisions were made for Mexico, El Salvador, and Guatemala. ICAC continues to serve as the primary source of global cotton market data.

ICAC Statistical Data Portal

For the most updated information, ICAC recommends accessing its Statistics Portal, which is continuously refreshed with new data, ensuring that users can rely on it as an up-to-date reference resource.

ICAC Price Projections

Based on current global supply and demand trends, ICAC forecasts cotton prices for 2025/26 to range between 63 and 97 cents per pound, with an estimated midpoint of 77.6 cents per pound. These projections are prepared by Ms. Lorena Ruiz, ICAC Economist.

The October edition of Cotton This Month is authored by Parkhi Vats, Economic Affairs Officer at ICAC. Readers can share comments or queries via email.

Subscribers can access the full Cotton This Month report through their accounts. The next edition will be released on November 3, 2025.