Greece's cotton production & exports to drop in MY 2021-22: TexPro

20 May '21

2 min read

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The cotton exports of Greece may decline by 5.19 per cent to reach 1.28 million 480 lb bales in the marketing year (MY) 2021-22 over the exports in MY 2020-21, on account of lower production and lower demand due to the pandemic. The exports had dropped by 8.16 per cent from 1.47 million 480 lb bales in MY 2019-20 to 1.35 million 480 lb bales in MY 2020-21.

Source: TexPro & USDA

Greece’s cotton exports may also be affected in MY 2021-22 as the area of cotton plantation is expected to be reduced by 5.50 per cent in favour of sunflower, durum wheat and corn cultivation.

The cotton production in the country dropped from 1.68 million 480 lb bales in MY 2019-20 to 1.40 million 480 lb bales in MY 2020-21, recording a decline of 16.67 per cent, according to Fibre2Fashion’s market analysis tool TexPro. This was mainly due to a reduced area of plantation, unfavourable weather conditions during harvest, average yields and the impact of the COVID-19 pandemic.

In the ginning industry of Greece, approximately 80 per cent of the companies are privately owned and the rest are cooperatives. The current financial crisis in the country has significantly affected the cotton market and has created high risk and uncertainty for industry stakeholders. Most of the ginners and cooperatives are unable to maintain their stocks without some help from the banks.

Fibre2Fashion News Desk (KD)

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