
Australia is on track to be the third largest exporter of raw cotton in the world this year with forecasts of just under 1 million tonnes, according to a bank report released Friday.
The National Australia Bank (NAB) Agribusiness Rural Commodities Wrap said in the report that a recovery in cotton prices was likely to have acted as an incentive to production, with prices above historical average levels and more favorable than alternative crops.
However, dryland cotton plantings are minimal due to the extended and extreme drought conditions that impact growing areas.
General manager of NAB Agribusiness, Khan Horne, said the Australian dollar was forecast to track lower to 84 U.S. cents by the 2014 December quarter, which should provide further benefits to exporters.
"We hit record exports of cotton in 2012-13, so it's not surprising the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) is predicting an easing off of exports this year to just below 1 million tonnes,"Horne was quoted by the report as saying. "China has been the biggest influence on global exports over recent years and that looks set to continue. "Two years of stockpiling cotton has lifted China's stocks-to- use ratio to the point where it would be self-sufficient for 18 months without any production or trade. This has pushed the world ratio to an all-time high of 89 percent." "An acceleration in the economic recovery of major developed countries is also contributing to a turnaround in the global textile sector," Horne said.
GMT 15:13 2018 Saturday ,20 January
US 'erred' in supporting WTO membership for China, RussiaGMT 17:22 2018 Thursday ,18 January
US industrial output in 2017 posts biggest gain since 2010GMT 17:12 2018 Thursday ,18 January
No more bonuses for Carillion bosses after UK collapseGMT 17:20 2018 Wednesday ,17 January
EU to remove Panama, South Korea from tax haven blacklistGMT 17:16 2018 Wednesday ,17 January
Citigroup reports steep Q4 losses tied to US tax reformGMT 17:11 2018 Wednesday ,17 January
Pressure rises on British govt over Carillion collapseGMT 17:52 2018 Monday ,15 January
Iran jetliner deal could take longer to complete, Airbus saysGMT 17:44 2018 Monday ,15 January
EU to remove Panama, Korea, UAE, 5 others from tax haven blacklist
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor