Not carded or combed cotton market in Greece

Earlier Report Observations

In 2018, the Greek not carded or combed cotton market began seeing the impact of technological upgrades, as Thrace Ginneries became the first in the country to install HVI cotton sorting machines, improving fiber quality and grading. Concurrently, a mechanism allowing producers to lock in cotton prices for up to 18 months helped stabilize farm incomes, while exchange-rate volatility between the US dollar and euro, influenced by geopolitical events like Brexit and US elections, added a layer of price uncertainty.

The period from 2020 to 2022 was marked by external pressures and supply shocks. A global increase in demand for certified cotton pushed Greek producers toward higher-value, quality-focused output. However, in 2022, devastating floods in Thessaly—a region accounting for about 37% of national production—reduced cultivated area and harvest volumes. This natural disaster coincided with rising cultivation costs for energy, irrigation, and inputs, squeezing producer margins and leading some to consider abandoning cotton farming. Regulatory measures, such as the exceptional approval of herbicides to combat weeds like wild mallows, were implemented to support crop yields.

By 2023, amid discussions for a new national cotton strategy extending to 2031, which emphasized the sector's role in the rural economy and exports, market fundamentals remained tight with steady demand and limited stocks. The availability of price-hedging tools through commodity exchanges continued to offer income stability for growers. Moving into 2024, the market exhibited heightened activity with upward price pressure, driven by consistent demand from the apparel and textile industries, while low inventory levels and reported deterioration in crop conditions in several regions raised concerns over future supply availability.

Production not carded or combed cotton in Greece

In kind, 2017-2020, K t

On a global scale, Greece ranked as the 12th largest producer of not carded or combed cotton from 2017 to 2020.

Top producers of not carded or combed cotton, 2017-2020

World map of production of not carded or combed cotton, 2017-2020

Following two years of growth, Greece's production of not carded or combed cotton declined. In 2020, the country produced 1 185.6 thousand tonnes, marking a 1.9% decrease compared to the previous year. Over the period from 2017 to 2020, production increased by 16%, which translates to an annualized growth rate of 5.1%. The peak was reached in 2019 with 1 208.7 thousand tonnes, when production saw its largest increase of 12.0%.

Annual dynamics of production in Greece in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Not carded or combed cotton production in Greece fell for the second year in a row. In 2020, the output was valued at 1 847 million US dollars, a 6.5% drop year-on-year. From 2017 to 2020, production rose by 7%, averaging a 2.3% annual growth rate. The highest value was recorded in 2018 at 2 009 million US dollars, which also saw the largest increase of 16.4%.

Annual dynamics of production in Greece in value, 2017-2020, M $ US

Exports not carded or combed cotton from Greece

Exports in kind, K t

In 2020, Greece exported 289.3 thousand tonnes of not carded or combed cotton, a decrease of 19.7% from the previous year. Between 2017 and 2020, exports grew by 24%, with an annualized rate of 7.4%. The lowest volume was in 2018 at 214.7 thousand tonnes, while the peak occurred in 2019 with 360.3 thousand tonnes, when exports surged by 67.8%.

Annual dynamics of product's exports from Greece in kind, 2017-2020, K t

From 2017 to 2020, Turkey, Egypt, and Indonesia were the top buyers of not carded or combed cotton from Greece, accounting for 44.4%, 18.1%, and 8.9% of exports in kind, respectively. Together, they made up 71.5% of total exports in kind.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Greece in kind, 2017-2020

Exports in value, M $ US

After two years of growth, the value of not carded or combed cotton exports from Greece declined. In 2020, exports amounted to 450.7 million US dollars, a sharp drop of 23.4% compared to the previous year. Over the 2017-2020 period, exports increased by 14.4%, with a compound annual growth rate of 4.6%. The highest value was recorded in 2019 at 588.7 million US dollars, which also saw the largest increase of 47.4%.

Annual dynamics of product's exports from Greece in value, 2017-2020, M $ US

Between 2017 and 2020, Turkey, Egypt, and Indonesia were the three main markets for not carded or combed cotton exports from Greece, collectively absorbing 71.3% of total exports in value terms.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Greece in value, 2017-2020

Imports not carded or combed cotton to Greece

Imports in kind, K t

In 2020, Greece imported 6.1 thousand tonnes of not carded or combed cotton, a 23.1% reduction from the previous year. From 2017 to 2020, imports decreased by 3.6%, averaging a 1.2% annual decline. The highest volume was in 2019 at 7.9 thousand tonnes, when imports saw their largest increase of 26.9%.

Annual dynamics of product's imports to Greece in kind, 2017-2020, K t

During 2017-2020, Turkey, Bulgaria, and Israel were the primary suppliers of not carded or combed cotton to Greece, representing 45.8%, 17.8%, and 9.5% of imports in kind, respectively. Together, they comprised 73.2% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Greece in kind, 2017-2020

Imports in value, M $ US

In 2020, Greece's imports of not carded or combed cotton totaled 10.5 million US dollars, a significant fall of 24.9% over the past year. Between 2017 and 2020, imports dropped by 18.6%, with an annualized decrease of 6.6%. The maximum value was in 2019 at 13.9 million US dollars, which also experienced the largest increase of 9.3%.

Annual dynamics of product's imports to Greece in value, 2017-2020, M $ US

From 2017 to 2020, Turkey, Israel, and Pakistan were the largest suppliers of not carded or combed cotton to Greece in value terms, accounting for 48.4%, 17.6%, and 7.4% of imports, respectively. Together, they formed 73.4% of total imports in value terms.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Greece in value, 2017-2020