Cotton: Stocks
Why China holds half the world's stored cotton
Why China holds half the world's stored cotton What this tab covers How much is left and how much is held. For minerals and energy: reserves, current output, years of supply and recycling for the top five countries. For farm commodities: production, ending stocks and stocks-to-use for the top five producers (USDA, October 2026). It also covers inventories and stockpiles.Top five producers: production and stocks (USDA, 2026/27)
| Country | Production | Share | Ending stocks | Stocks-to-use |
|---|---|---|---|---|
| China | 33,500 | 28.4% | 34,670 | 46220% |
| India | 24,000 | 20.3% | 10,430 | 695.5% |
| Brazil | 19,000 | 16.1% | 3,209 | 20.1% |
| United States | 13,440 | 11.4% | 3,800 | 30.9% |
| Pakistan | 5,000 | 4.2% | 1,900 | 3800% |
| World | 118,000 | 100% | 70,680 | – |
Stockholding and policy
Fibre-to-fibre recycling is tiny: less than 1% of material used for clothing is recycled into new clothing (Ellen MacArthur Foundation, A New Textiles Economy, 2017, as reported by Just Style). Stock policy matters more. China held 36.24 of 75.7 million bales of world ending stocks in 2025/26, much of it in state reserves bought and auctioned by Sinograin. India's stocks rose to 11.13 million bales (42% of use) in 2025/26 (USDA WASDE, Oct 2026); CCI holds the bales it buys at MSP (100 lakh bales in 2024-25) and sells them through auctions. India has no formal buffer norm for cotton.
Cotton bales store for years, and stocks are large. USDA's October 2026 WASDE estimates 2025/26 world ending stocks at 75.7 million bales, 62.7% of annual use, little changed from 63.1% in 2024/25. China holds 36.24 million bales, about 48% of the world total, much of it in state reserves released or replenished by policy. Stocks outside China are therefore a better guide to market tightness. Geman notes that expected stock building and lower Chinese imports drove a sharp price fall in 2004.
World stocks (USDA)
| Season | Production | Use | Ending stocks | Stocks-to-use | of which China |
|---|---|---|---|---|---|
| 2024/25 | 119.5 | 119 | 75.07 | 63.1% | 46% |
| 2025/26 Est. | 122 | 120.8 | 75.7 | 62.7% | 48% |