From 2024 to 2028, the forecasted import value of cotton to Norway shows a clear declining trend. In 2023, the actual import value of cotton stood at 9.8 million US dollars. The forecast for 2024 predicts a value of 8.0711 million US dollars, indicating a decrease of approximately 17.6% from 2023. This downward trend continues in subsequent years, with a forecasted value for 2025 of 6.604 million US dollars, a 18.2% decrease from 2024. The trend persists with values of 5.1663 million US dollars in 2026, 3.7573 million US dollars in 2027, and finally, 2.3765 million US dollars in 2028.
The Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028 is approximately -23.24%, indicating a significant annual average decline in cotton imports.
Future trends to watch for include changes in global cotton prices, potential shifts in trade policies, advancements in alternative materials, and Norway's domestic textile industry developments. These factors could either mitigate or accelerate the observed declining trend in cotton imports.