Are you interested in entering the textile business? Are you a small cotton producer? Read this post to learn how to use an api to help you invest wisely!
Cotton is the most important soft fiber textile plant in the world and its cultivation is one of the oldest. At first the word cotton meant a fine fabric. Its main crop originated in India, being, from that moment, a marketable product.
Current estimates for world production are about 25 million tonnes or 110 million bales annually. The countries of China, the United States, India and Brazil are the largest producers of cotton. But other countries also became interested in the cotton crop. Among them we can talk about countries like Canada, Bulgaria or Switzerland.
For example, Switzerland’s productions are bread cereals, fodder cereals, vegetables and potatoes but the country, being a developed country, wants to expand its agricultural productions. Their main organic products of animal origin are milk, meat or meat products, eggs and dairy products, the latter being the most important product group.
As of 2010, cotton became an attraction for small producers since, in addition to generating profit, they could also enter the textile business. Producers, being from a country like Switzerland and having a very stable economy, could afford this luxury. But, in any case, these producers must keep abreast of the movements of cotton and Swiss franc in the market. For this, we recommend Commodities-API.
What Is Commodities-API?
It is a platform that, through an API, helps obtain financial data to exchange currencies. The site has about 170 products and currencies such as coffee, cotton, wheat, corn, among others.
How Is It Used?
Commodities-API has the practicality of being very easy to use. With this guide you will know how to do it:
- Create an account
- Obtain an API-key, a unique key for each user
- Choose a currency and product of choice
What Sources Do They Use For Their Data?
Commodities-API gets its data from fifteen highly reputable sources that submit data every minute, such as banks and financial markets.
Is It Possible To Obtain Information From Previous Months?
Yes, “historical rates” are available for most currencies, and have been since August 2021. You may search the Commodities-API´s API for historical rates by adding a date (format YYYY-MM-DD) to the basic URL.
For more information, check their website.