Recent trends and prospects in the world cotton market and policy developments
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The cotton sector contributes significantly to the economies of a number of developing countries, as well as to the livelihoods of millions of rural smallholders worldwide. In 2019, world production of cotton was valued at about USD 46 billion, while global trade reached USD 15 billion. Moreover, the cotton industry employs an estimated 150 million people across 75 countries, making the cotton sector an important contributor to the achievements of the 2030 Agenda for Sustainable Development. Understanding the drivers of the cotton market and identifying the challenges and opportunities that lie ahead is key, given the socio-economic significance of the sector.
The mobilisation of innovative technologies and resources is vital to ensure that the sector remains viable and sustainable. As FAO Director-General QU Dongyu highlighted during the World Cotton Day event held at the WTO headquarters in October 2019, it is critical that the sector meets the highest standards of sustainability at all stages of the value chain. It is time to do things differently: to explore innovative approaches and new ideas aimed at pro-poor outcomes.