According to report released at the meeting of the International Cotton Advisory Committee (ICAC) in Cape Town, South Africa, held during September 7-11, global cotton consumption declined by 12 per cent in the season ended July 31, 2009, the largest year-to-year percentage decline since 1920.
The reports states that, the decline was considered a direct result of the global financial crisis, however, according to ICAC, it expects world cotton use to rise modestly during the current season, assuming a gradual improvement in world economic growth.
The secretariat reported that cotton prices were very volatile during the previous season and that the average level of prices had fallen to four year lows. Assuming more normal economic conditions, price volatility may moderate during the current cotton season.
At the same time, ICAC also forecasts that the average level of world cotton prices is not likely to increase significantly. It also noted that the cotton industry is becoming increasingly resource-constrained and encourages R&D and adoption of new practices that promote productivity.
Fibre2fashion News Desk - India
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