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| Until recession, the world cotton industry had been experiencing robust demand growth and rising yields, making it one of the best-performing commodities in the world during the first part of this decade. The value of world cotton production is estimated at more than $30 billion. Cotton cultivation contributes to food security and improved life expectancy in rural areas of developing countries in Africa, Asia and Latin America. The world cotton industry has experienced dramatic changes over the last six decades as production nearly quadrupled, rising from 7 million tons in the 50s to 27 million tons four years ago, before falling to 23 million in 2008-09. The average annual rate of growth in world production over the last six decades has been about 2.5% per year. New technologies, more extensive use of existing technologies, and new areas dedicated to cotton are resulting in dramatic gains in production. Conventional cotton variety development, biotechnology, improved management of irrigation, targeted applications of pesticides, improved use of fertilizers, and improvements in crop management are leading to increased yields and lower production costs. | |
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