AUSTRALIA: Seen as world's second biggest cotton exporter
Australia is set to become the world's second largest exporter of raw cotton, with exports seen jumping by 11% to a record 1.1m tonnes in the year ending July 2013.
If realised, the forecast from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), "would place Australia as the second largest cotton exporting country in 2012-13, from the third in 2011-12," its chief commodity analyst Dr Jammie Penm told just-style.
Exports have been boosted by the record production of 1.198m tonnes in the year to July 2012 - cotton that is now being exported worldwide.
America was the world largest cotton exporter with 2.55m tonnes exported in the year ending July 2012. India followed with 2.53m tonnes.
And while US cotton exports are forecast to reach 2.65m tonnes in the year ending this July 2013, India's exports will drop drastically to 0.97m tonnes.
The US based International Cotton Advisory Committee's executive director, Terry Townsend, called Australia the "pillar of the world cotton industry" because of its high quality cotton, efficient banking sector and close proximity to China, the world's biggest importer of cotton.
"Abundant rainfall" has helped the Australian cotton sector, he said.
And now with Australia's bumper crop, "expectations on quality are going to be high" for the entire industry, Townsend added.
Sectors: Fibres & fabrics
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