Browse Data and Analysis

The drought in Andalucía is anticipated to prevent further expansion of Spain’s cotton area in MY 2023/24. Irrigation water allocation will be critical for farmer’s planting decisions, and temperatures and pest incidence during the summer months will also determine final yields.

Cotton production in Australia is primed for a near record 5.8 million bales in MY 2023/24, stringing together three successive big crops starting from the record 5.85 million bales in MY 2021/22.

Australia has proven to be an appealing and profitable market for U.S. companies for many years. Apart from an extremely strict quarantine regime, it offers few barriers to entry, a familiar legal and corporate framework, and a sophisticated and straightforward business culture.

In 2022, Spain imported $2.1 billion worth of agricultural, seafood and forest products from the United States, up 27 percent compared to the previous year. After high rates of consumer price inflation in 2022, the latest European Union economic forecast shows Spain’s economic growth forecast at 1.4 percent in 2023 and 2.0 percent in 2024.

The Australian cattle industry is expected to continue its strong herd rebuild in 2023 and Australian beef supply is expected to recover after falling to the lowest level in twenty-five years in 2021 and in 2022.