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Economic instability impacts Egypt's cotton sales
26 Oct '12
1 min read
Egypt’s cotton exports for March-May 2012 decreased by 26.8 percent from last year’s corresponding period’s exports of 317 tons to 232 tons, according to a quarterly report released by the Central Agency for Public Mobility and Statistics (CAMPAS), the official statistical agency of Egypt that collects, processes, analyzes, and disseminates all statistical data.
Domestic cotton consumption during the period under review also declined from March-May 2011’s 577 tons to 353 tons, a fall of 39 percent.
CAMPAS attributed the fall in domestic consumption to waning production capacity of spinning plants, which it said is mainly instigated by ongoing economic uncertainty.
The report held the decline in global prices to be responsible for fall in domestic cotton prices.
Alongside, domestic and overseas sales, Egypt’s cotton imports also declined during the period.
The country imported 2.3 tons of cotton during March-May 2012, which is 89.9 percent lesser than 21.8 tons of cotton imported by it during the same period of 2011.
Fibre2fashion News Desk - India
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