美国农业部（USDA）：2024年棉花：世界市场和贸易报告（英文版）

2024/25 U.S. exports are forecast down over 400,000 bales from the previous year to 11.3 million despite higher supplies. Shipments are projected at a 9-year low, mostly due to Brazil’s more competitive prices and China’s significant drop in demand. While U.S production has trended downward recently, Brazil’s 2024/25 crop is estimated at 16.9 million bales, surpassing the previous year’s record by 16 percent. The incredible growth in supply and a significantly depreciated currency has lowered