Egypt’s cotton exports shrunk again this year, declining by 42 percent in the first quarter of the agricultural season which began in September 2013, recording 79.6 thousand metric quintals compared to the same period in the prior year, statistics body CAPMAS stated on Tuesday.
Last year, exports were already considerably down compared to 2011.
CAPMAS has attributed the decline to the rise in the global price of cotton.
The price of cotton per pound soared by three percent from November to December last year, reaching $0.83.
The amount of local cotton purchased by Egyptian textile companies also dropped considerably by 76.6 percent to 97.3 thousands metric quintals versus 415.8 thousand last year.
This resulted in a tremendous increase in imports by more than 1000 percent to reach 247.3 thousands of metric quintals compared to some 18.5 thousands metric quintals last season.
Egypt has witnessed a significant reduction in cotton acreage, once a main crop of Egypt, during the last two years.