The Cotton industry is the fastest-growing agricultural sector in the country, and is forecast to grow by 40% in the next decade, according to new research from the Australian Bureau of Statistics.
The Australian Bureau has released a report on cotton growth which states that, in 2019-20, Australia’s cotton production will be worth around $1.3 billion.
While Australia is the world’s largest cotton producer, it is the second-largest cotton importer, with exports to China accounting for around 90% of Australia’s total exports.
That leaves plenty of room for improvement in the sector, particularly in terms of supply, because of China’s increasing demand for Australian cotton.
China, which imports about half the world production, is set to become the second largest cotton importers after the US in 2020.
It’s not all bad news though.
The report also points to the positive impact of Australia becoming a global leader in cotton production.
According to the Australian Agricultural Research Institute, Australia has already produced more cotton than China and India combined, which is also a sign that the Australian economy is in good shape.
While there’s no sign Australia will overtake China anytime soon, its a sign we have some serious potential.