Home / Knowledge / News / Textiles / Statement from 67th Plenary Session of ICAC at Burkina Faso

Statement from 67th Plenary Session of ICAC at Burkina Faso

21
Nov '08
The International Cotton Advisory Committee met in Ouagadougou, Burkina Faso during November 17-21, 2008 for its 67th Plenary Meeting since 1939. Four hundred twenty nine people participated in the meeting, including representatives from 35 governments and 9 international organizations.

1. Declines in Cotton Production and Mill Use are forecast:
The Committee accepted a report from the Secretariat that it projects that world cotton mill use will decline in 2008/09 for the first time in a decade. Slower global economic growth and competition with chemical fibers are affecting demand for cotton products. World cotton production is also declining this season, and the Secretariat projects that production will be less than consumption, resulting in a decline in world ending stocks.

Despite a tightening of stocks and the rising cost of production, data from the first part of the current season indicate that average cotton prices will fall from the average level of last season. The Secretariat reported that average cotton prices during 2007/08 were higher than market fundamentals suggested they should have been, indicating that increased speculation in cotton futures by companies and individuals not directly involved in the cotton industry and rising prices of other commodities may have influenced cotton prices last season.

The Secretariat also noted that there is greater uncertainty about commodity prices and the outlook for the world economy than is usual for this time of year. The Secretariat reported that each price forecast includes a confidence interval based on statistical relationships. The Secretariat urged all market participants to be mindful of this interval when interpreting price forecasts.

2. Biotechnology Transforming the World Cotton Industry:
The Committee was informed that cotton varieties developed with the application of biotechnology (biotech, transgenic, bioengineered, genetically modified cotton) accounted for more than half of world production last season and that the biotech proportion continues to grow. Burkina Faso itself is successfully harvesting 10,000 hectares of biotech cotton this season. It was reported that India, with the largest area devoted to cotton in the world, is headed toward an unprecedented sixth consecutive season of increased production after the introduction of biotech varieties in 2002.

The Committee was informed that the rapid adoption of biotechnology by farmers since commercial introduction in 1996 indicates that farmers perceive substantial benefits from the use of the technology. The Committee was informed that almost all scientists agree that the technology is safe, and that there is no empirical evidence of consumer rejection of biotech cotton lint. It was noted that the protein produced by Bt cotton that is toxic to certain insects is the same protein that was isolated by scientists from bacteria in the 1950s and is used as a bio-insecticide approved for use in organic production systems.


Must ReadView All

Pic: Shutterstock

Textiles | On 20th Oct 2020

Italy clears stimulus package to help pandemic-hit economy

Italy recently approved a new stimulus package in its 2021 budget to...

Pic: Shutterstock

Retail | On 20th Oct 2020

US retail sales growth speeds up, Sept 4th month of gains

A strong rebound in apparel led a continuing V-shaped recovery as...

Pic: Shutterstock

Textiles | On 20th Oct 2020

China building more competitive mulberry silk industry

China is striving to build a more competitive mulberry silk industry...

Interviews View All

Asim Dalal, Indo Count Retail Ventures

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Textile industry, Head honchos

Textile industry
Head honchos

Athleisure is the current buzzword in fashion

Cyril Pereira, Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Laxmikant Rathi,

Laxmikant Rathi

With more than 60 years of experience in the textile industry, Ideal...

Luca Formentini,

Luca Formentini

From the very beginning, Loris Bellini's aim was to produce dyeing...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search