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Analysts in the 71st plenary meeting of ICAC reported that polyester now dominates the global fibre market and cotton's share continuing to decline. It is expected that polyester fibre quality will improve and product..

12 Oct 2012

INTERLAKEN- SWITZERLAND (Commodity Online): The world Cotton production would decline further significantly due to the availability of Polyester at cheaper rates, higher cotton farming costs and rise in the prices of food.

A report by the Secretariat of International Cotton Advisory Committee (ICAC) also proves that the current prices for cotton, combined with rising prices for food crops would likely to reduce global cotton area in 2013-14.

The Secretariat reported that world cotton production is expected to decrease by 6% to 26 million metric tons in 2012-13 comparing to 2011.

Analysts in the 71st plenary meeting of ICAC reported that polyester now dominates the global fibre market and cotton's share continuing to decline. It is expected that polyester fibre quality will improve and production capacity will increase further. The plenary meeting was held at Interlaken in Switzerland from 7 to 12 October, 2012.

The committee also recognized the competition posed by Polyester in the global fibre market and instructed the Standing Committee to establish a working group of member countries to investigate these challenges. The committee also directs the countries to provide advices on the issue.

The global market for Polyester would reach 39.3 mn tons by the year 2015 states a report by Global Industry Analysts, Inc. The report was published in 2011.

The low-cost and easy-care characteristics of polyester are expected to continue attracting consumers in various end-use sectors including apparel and furnishings.

Today, Asia-Pacific has become a strategic location for polyester manufacturing with the presence of an extensive textile industry and cheap labour force. Countries such as China, Taiwan, South Korea, India, and Indonesia witnessed tremendous growth in the last few years. Asia-Pacific represents the largest as well as fastest growing regional market for polyester worldwide.

The ICAC emphasized that countries should develop accurate cotton supply and use estimates. It is important to reconcile these estimates in a national cotton balance sheet, to help decision making in the public and private sectors.

Independence, reliability, transparency and timeliness, are essential factors to prepare national cotton statistics. These measures help for revival of cotton industry.

How ever, many countries facing challenges in the collection of data on Cotton. In those countries, cotton stocks are not estimated systematically.

The Committee recognized the necessity of regulating the collection of national cotton statistics, and timely publication.

The involvement of the private sector in the design and execution of these regulations has been found indispensable- these measures are important for the time being as far as Cotton farming and industry is concerned.

 

 

 

 




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