Industry body Cotton Australia has projected around 5 million bales of cotton crop in 2023. In addition, the Australian Bureau of Agricultural and Resources Economics and Sciences (ABARES) is forecasting a 22-23 gross value of cotton production at around $3.4 billion with expectations that exports will reach a value of $5.1 billion because of prior shipping delays for the 2022 crop.

ABARES is also pointing to a possible recovery in cotton prices as buyers look for quality sustainable cotton combined with crop decreases and low stock levels in the US, said Cotton Australia.

“The industry is now forecasting a 5 million bale crop despite some of the wettest conditions and major flooding across much of New South Wales,” said Cotton Australia CEO Adam Kay.