# Cotton: Stocks

Why China holds half the world's stored cotton

Source page: https://www.materialinsights.org/commodities/cotton/stocks/

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 | – |

 thousand 480-lb bales. Stocks-to-use = ending stocks ÷ (domestic use + exports) for countries, ÷ world use for the world. Source: USDA FAS PSD database, October 2026 release; 2026/27 figures are projections.

#### 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% |

 million 480-lb bales. USDA WASDE, 10 October 2026. The 2026/27 projections were blank in this release.

## Other sections

- [Summary](https://www.materialinsights.org/commodities/cotton/index.md)
- [Overview](https://www.materialinsights.org/commodities/cotton/overview/index.md)
- [Correlation](https://www.materialinsights.org/commodities/cotton/correlation/index.md)
- [Extraction](https://www.materialinsights.org/commodities/cotton/extraction/index.md)
- [Production](https://www.materialinsights.org/commodities/cotton/production/index.md)
- [Cycles](https://www.materialinsights.org/commodities/cotton/cycles/index.md)
- [Trading](https://www.materialinsights.org/commodities/cotton/trading/index.md)
- [Movement](https://www.materialinsights.org/commodities/cotton/movement/index.md)
- [Criticality](https://www.materialinsights.org/commodities/cotton/criticality/index.md)
- [Characteristics](https://www.materialinsights.org/commodities/cotton/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/commodities/cotton/emissions/index.md)
- [Relationships](https://www.materialinsights.org/commodities/cotton/links/index.md)