AGRICULTURE NEWS - Global cotton consumption is expected to decline 11,8% this year compared with the previous season, which will reduce global trade to 8,26 million tons in 2019/2020, according to the International Cotton Advisory Committee (ICAC).
Mario Botha, agricultural economist at Cotton South Africa (Cotton SA), said containment measures for the coronavirus disease (COVID-19) global pandemic, unprecedented shifts in the labour market, and growing unemployment led to a sharp decrease in global demand.
“The current economic environment is an unusual slowdown [compared with] a typical recession, as the containment measures for COVID-19 have closed [down] business activity in a way not experienced in the modern era. The economic recovery will be able to begin only once the health recovery has begun.”
Read the full article here on the Caxton publication, Farmer's Weekly
