Cotton futures are at their highest level in about a decade
The most active cotton futures on the Intercontinental Exchange closed up 3.8 percent at $1.09 a pound on Tuesday, keeping prices at their highest level since September 2011. Gold is up 22% over the past 11 trading days. Clothing prices may eventually follow suit.
Prices of other raw materials, such as timber, have soared this year as high demand and tangled supply chains keep goods from reaching customers who need them. Prices for other American crops, such as corn and wheat, have also risen sharply this year because of drought conditions in the United States and overseas. Cotton shows the sometimes unexpected impact trade policy can have on prices.
Fund traders added to bullish positions as US farmers began harvesting their crops, according to the Commodity Futures Trading Commission. The U.S. Department of Agriculture reports that the national cotton harvest is 13 percent complete and the crop looks good -- 62 percent of the crop is in good or excellent condition, compared to 40 percent this time last year.
"Things are good so the harvest should hold up well," said Jack Scoville, an analyst at Price Futures Group.
Bryan, Texas (KBTX) - Cotton prices have risen steadily over the past year. With the sudden increase in the value of crops, we will see the impact when we buy clothes.
Apparel prices have risen 4.2 percent in the past year, according to the government inflation report.
John Robinson, an economist and Agrilife Extension professor at Texas A&M who has been studying cotton trends, said the biggest price he saw in prices came last week and a half.
"Cotton prices have been trending, and I would say the 80s and 90s were pretty good. In the last 10 days or so, it has soared. I would say about 15 cents, which is a huge change, "Robinson said.
When it comes to changing how much someone spends on clothes. While cotton does play a role in price, other factors such as manufacturing costs, transportation costs and overall branding also add to the final price. If demand for cotton gets out of control, farmers will be prepared to plant more when needed.
"What is going to happen before there is a big impact on apparel prices is that the persistence of high cotton prices is going to encourage farmers here in the United States to plant 20 to 3 million more acres, and that is going to happen around the world, from Farmers in India to farmers in Brazil. They respond to high prices by really increasing supply, "says John Robinson.
Cotton futures are at their highest level in about a decade will have an effect on cotton cloth market.
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The market size of the cotton cloth in the global cotton fabrics industry
With the continuous development of the production technology and process of the cotton cloth in the industrial cotton fabrics industry, the application scope of the cotton cloth is becoming more and more extensive and the market potential is huge. Its development level has become one of the important indicators to measure the comprehensive competitiveness of a country cotton fabrics industry.
Industrial cotton fabrics are defined as "products used in many non-cotton fabrics industries" internationally. Compared with the traditional cotton fabrics industry with labor-intensive and low technology content, the cotton cloth industry has the characteristics and advantages of capital intensive, high technology content and huge market demand space.
In terms of the global market, the global industrial cotton fabrics market including cotton cloth will reach usd 258.33 billion in 2020 and is expected to reach USD 321.65 billion in 2028. In the next few years, the global industrial cotton fabrics industry will still maintain a growing trend.
The market price of the cotton cloth in the global cotton fabrics industry
Developed countries and regions such as the United States and the European Union occupy the leading position in cotton cloth global industrial cotton fabrics market while emerging markets such as China and India show a high growth momentum.
Since the 1990s, due to the consideration of labor, raw materials and other cost factors, manufacturers in Europe and the United States and other developed countries have shifted their focus to product research and development, brand building, channel expansion and other aspects in China, so that the production and manufacturing capacity of cotton cloth has gradually shifted to East Asian countries, especially the middle and low-end products.
The global industrial cotton fabrics cotton cloth production bases are mainly concentrated in the United States, Japan, South Korea and Taiwan, and the European industrial cotton fabrics industry is shifting to Asia and the United States. The Asia-Pacific region accounted for the highest proportion of 40%; North America is next at 25 percent, followed by the Middle East & Africa, Europe and South America.
The market trend of the cotton cloth in the global cotton fabrics industry
Data in 2020 show that China cotton fabrics industry accounts for more than 50% of the world total, chemical fiber output accounts for 70% of the world, and trade accounts for one-third of the world. China has the most complete industrial chain, and most of its cotton cloth process manufacturing and equipment level has reached the international advanced level. China is also the world largest cotton fabrics and apparel market. In 2020, the total retail sales of cotton fabrics and apparel in China exceeded 1,236.7 billion yuan.
COVID-19 has had a huge impact on the overall development of trade and the cotton fabrics industry. Enterprises in various segments have realized that they are heavily dependent on Chinese suppliers. When China was unable to supply cotton cloth in the early stage of the epidemic, for example, the automobile and cotton fabrics industries could not produce normally. About 90 percent of materials imported by the EU, US and Japan come from China, underscoring the country importance in many products and raw material supply chains.
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