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Egyptian cotton exports take a hit as price declines
18
Jan '14
The exports of cotton from Egypt have taken a hit due to a rise in local prices, owing to a drop in domestic cotton production and the lifting of an import ban, reports Ahram Online.
 
Since the beginning of the cotton marketing season in September 2013, Egypt has exported 17,028 tons of cotton, registering a fall of 45.3 percent compared to 31,137 tons of cotton exported in the corresponding period of previous season, Alexandria Cotton Exporters’ Association (Alcotexa) said.
 
In terms of value, cotton exports since September 2013 fetched US$ 62.1 million, compared to around $100 million earned during the same period of the previous year, Mefreh El-Beltagy, head of Alcotexa, said.
 
The top three destinations for Egyptian cotton exports were India, Switzerland and Germany, which imported 5,400 tons, 2,078 tons and 1,780 tons of cotton, respectively.
 
In 2012-13 cotton season ending August 31, 2013, Egypt exported cotton worth $215 million. Around 22.3 percent of the 300,000 tons of cotton produced in the previous season was exported at an average price of 194 cents/lb.
 
Around 90 percent of exported cotton was of Giza 86 variety, and the remaining 10 percent included Giza 92 and Giza 88 varieties.
 
However, production of cotton declined to 200,000 tons in the current marketing season due to lower cotton acreage, which led to an increase in domestic cotton prices.
 
Moreover, the Government has lifted the import ban imposed since the 2011 revolution, which has also contributed to increase in prices.
 
 

Fibre2fashion News Desk - India


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