The February forecast shows slightly lower beginning stocks. Higher production and consumption are largely offsetting. Ending stocks are down marginally. Higher production in China, Australia, and Pakistan more than offsets lower production in India. Production in China is raised sharply on higher than normal last season ginnings. Consumption is raised in China and India on stronger expected recovery in mill demand. Global trade reflects these changes and is raised slightly on higher imports for China.

Reference https://downloads.usda.library.cornell.edu/usdaesmis/files/kp78gg36g/w9505t51b/jd473p90k/cotton.pdf