CAIRO: Egypt’s cotton exports declined sharply by 41.1 percent year-on-year in the fourth quarter of the agriculture season of 2013/2014, said the Central Agency for Public Mobilization And Statistics (CAPMAS) in its quarterly bulletin Wednesday.
“The total amount of exports of Egyptian cotton reached 53,900 metric Quintal during the period from June to August 2014, compared to 91,600 metric Quintals during the same period of the previous season,” the bulletin said.
Local consumption increased negligibly by 1.4 percent, recording 140,500 metric Quintals in 2014, compared to 138,500 metric Quintals in the same period last year, the bulletin added. 600 Quintal of ginned cotton was consumed locally this year, compared to 19,200 metric Quintal last year.
In May, CAPMAS issued a quarterly bulletin which revealed a 46.5 percent decline in cotton exports, totaling 126,600 metric Quintals.
In July, the government faced a problem trying to export 3.7 million metric quintals of cotton after the spinning and textile companies refrained from buying it and the Ministry of Agriculture’s inability to market it.
Because of the decline in sales, areas of cotton cultivation decreased and farmers were forced to sell at low prices. As a result, Prime Minister Ibrahim Mahlab put a fixed price on cotton purchases.
“350, 000 acres were planted with cotton this year but there was no buyer,” said Minister of Trade and Industry Mounir Fakhry Abdel Nour in an interview with CBC in October. However, he said the government would find a solution and a new way to solve the problem.