• 300,000: Bales of U.S. cotton sold during the Sourcing USA Summit.
• 4.2 million: Number of bales of U.S. cotton exporters report they plan to sell in the six months following the Summit.
• 89%: Percentage of buyers who indicated they were likely to increase purchases a result of the Summit.
• 10.5 million: The cotton bale consumption of the textile mills at the Summit.
• 8: Number of Sourcing USA Summits to date.
• More than 400 top-tier U.S. cotton merchants and textile manufacturers attended the Sourcing USA Summit.
Cotton Council International’s (CCI) Sourcing USA Summit, held Nov. 11-14, 2014, in Scottsdale, AZ, boosted U.S. cotton sales and strengthened business relationships between 400 top-tier merchants and textile manufacturers. U.S. exporters and international textile mills anticipate sales of 4.2 million bales of U.S. cotton, valued at around $1.4 billion, within six months of the Summit.
In addition to sales reported on post-event surveys, U.S. cotton export sales reports from the U.S. Department of Agriculture (USDA) Foreign Agricultural Service revealed strong sales surrounding the Summit. Export sales totaled 700,000 bales within two weeks of the Summit, a possible indicator of negotiations started during the Summit and finalized afterwards.
STRENGTHENING ENDURING PARTNERSHIPS
The leadership of the U.S. cotton industry, CCI and Cotton Incorporated, in cooperation with USDA, host the Sourcing USA Summit on a biennial basis. The meeting gathers global leaders along the cotton supply chain for an open exchange of ideas and networking opportunities. The Summit brought together 400 business leaders from the U.S. cotton fiber exporting community as well as senior textile mill executives from 21 countries.
The majority (89 percent) of responding textile mills said that they were either “very likely” or “somewhat likely” to increase their purchases of U.S. cotton over the next year as a result of attending the Summit. Indicating the value of the Sourcing USA Summit to their business, 23 U.S. cotton exporters and 14 allied industry companies sponsored the event, multiplying the funding provided by USDA.