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Australia:Rise in cotton prices forecast
worldwide in 2005/06 |
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2005-3-4
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‘The world cotton price is forecast to increase by 12 per cent in 2005-06 to average around US$57c/lb, largely driven by a fall in world cotton production,’ Mr William Mollard, Research Economist with ABARE, told the OUTLOOK 2005 conference in Canberra today.
However, Mr Mollard projected that, over the medium term, world prices would decline as increased raw cotton production outweighs the growth in consumption. Mr Mollard added that ‘in Australia the availability of water will remain the major constraint on cotton production over the medium term.’
‘The Australian cotton industry needs to continue to improve best management practices in order to maintain Australia’s competitive advantage in the global cotton market,’ was the message from Mr Kim Morison, Division Director, Macquarie Cotton.
Mr Morison emphasised the importance of the Australian cotton industry improving the branding of Australian cotton products, in order to increase demand for Australian cotton products at the retail and brand owner levels.
The cotton session heard mixed reports on the future of Australian export trade developments. Mr Richard Haire, Chief Executive Officer, Queensland Cotton Corporation Limited, told the conference that ‘the cotton industry could potentially benefit tremendously from a Free Trade Agreement with China.’ However, this agreement would need to be timely, inclusive and comprehensive. Mr Haire added ‘it is critical that the international cotton community works together to address cotton’s declining market share.’
Mr Geoff Hewitt, Chairman, Cotton Australia, told delegates ‘with the emergence of Brazil as a potential major competitor for Australian high quality cotton, and the downward trend in the world cotton price, the Australian cotton industry must continue to adapt to change.’ |
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| Australian Bureau of Agriculture and Resource Economics |
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