Cotton farmers in
World consumption of cotton is expected to increase by 5% to 24,5 million tonnes in 2014 to 2015, according to the
In an interview with Standardbusiness, Mukwende said the increase in world consumption of cotton would revive the industry in
"Obviously, if demand increases the price of cotton will go up and it also means farmers are going to benefit," Mukwende said.
He said cotton prices of cotton currently ranged between
Mukwende however said there was need to introduce better technology to improve yields and the varieties as current yields were very low when compared to other countries.
Icac is an association of governments of cotton producing, consuming and trading countries.
It said after international cotton prices spiked in 2010/11, many spinners decreased the share of cotton in yarn in favour of greater use of polyester. At the start of 2013, the gap between cotton and polyester prices widened.
"Polyester prices remained fairly stable at around
"During the same period, international cotton prices climbed higher, reaching
A pound is equivalent to about 0,45 kg.
Icac said the price of cotton in
"With polyester and cotton prices converging, world consumption of cotton is forecast to increase by 5% to 24,5 million tonnes in 2014/15," Icac said.
The expected increase in demand would be a boon for the local cotton industry that has been hamstrung by funding challenges affecting production.
The sector had also been affected by unviable prices which buyers blamed for the decline in international prices.
According to the 2014 national budget, Finance and Economic Development minister
Chinamasa said cotton output was forecast to grow to 180 000 tonnes in 2014 from 140 000 tonnes in 2013 on the back of anticipated increases in local demand.
"Cotton output is estimated to have declined from 350 000 tonnes in 2012, to about 140 000 tonnes this year. This is largely due to the decline in hectarage planted which fell from 450 000 ha in the 2011/12 season, to 241 849 ha in the 2012/13 season," Chinamasa said.
He said the decline was attributed to fewer farmers growing the crop due to unviable prices that had been offered by local merchants during the previous season.
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