2002: For cotton, for example, it has been estimated that prices were at their lowest level...

For cotton, for example, it has been estimated that prices, which in 2002 were at their lowest level in nominal terms since 1972/73, would be about 75% higher in the absence of direct subsidies.

Source: United Nations, Department of Economic and Social Affairs and United Nations Conference on Trade and Development, World Economic Situation and Prospects, 2003, 17 See International Cotton Advisory Committee, Cotton: Review of the World Situation, 2002

#cotton #subsidies