Australia is likely to export greater quantity of cotton to other countries in the coming season, due to higher availability of water for irrigation, says a recently released report.
According to the report released by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), the country’s cotton output during the coming season 2013-14 is expected to touch 995,000 tons, which is 90,000 tons more than that forecasted in March 2013.
Australia’s cotton exports may total 988,000 metric tons in the coming season that begins on July 1, 2013, an upward revision from the 905,000 tons forecasted in March this year, Bloomberg Business Week reported.
According to the report, the cotton production in Australia during the coming season is expected to rise due to the increased supply of water for irrigation, and favourable gross margins as compared to other crops.
This year, the prices of cotton have increased by 17 percent owing to decline in global production.
Last week, the U.S. Department of Agriculture (USDA) said the world cotton output in the year starting August 1 is likely to decline by 3 percent year-on-year to 117.2 million bales of 480 pounds each.
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