CAIRO: Egyptian cotton exports soared 94.3 percent to 246 thousand metric quintals during the second quarter (Q2) of the agricultural season from December 2014 to February 2015, Egypt’s statistics agency CAPMAS reported Monday.
This is a significant hike compared to 126.6 thousands metric quintals in the previous season, Central Agency for Public Mobilization and Statistics (CAPMAS) said in its seasonal bulletin.
“Low prices of Egyptian cotton are the reason behind the increase, as a result of inventory excess of cotton during the same period in the previous season,” CAPMAS added.
The total amount of locally consumed cotton also recorded an increase of 115.5 percent to reach 175.8 thousand metric quintals during in December 2014-February 2015, compared to 81.6 thousand metric quintals in the same period of the previous season.
“The higher consumption is due to the trend companies follow to lower amounts of imported cotton,” according to the report.