According to Bloomberg, global cotton prices rose 30 percent, the highest since 2011. The reason is the unusual high temperature and drought. Currently, India, the world’s leading cotton producing country, also needs to import cotton.
The U.S. is reportedly the world’s top cotton exporter (33 percent) and Brazil is the second largest exporter (17 percent). U.S. cotton production fell 28 percent this season. Brazilian production is down 30 percent. According to growers, the drought has destroyed about 200,000 tons of cotton stocks.
Earlier, in Russia there was news that prices of clothing and footwear will rise sharply – cotton products and knitwear prices will rise by 20-30%. The Russian Ministry of Industry and Trade explained the rise in cotton prices as a rise in inflation expectations on the global market.
Source: RIA Novosti
Post time: Aug-30-2022