Egypt's cotton exports have increased more than three-fold in the three months from March to May, Egypt's official statistics agency CAPMAS said on Monday

The figure stood at 510,100 kantars (one kantar is equal to 157.5 kilograms) in the third quarter of the farming season which ended in May, compared to 160,100 in the corresponding period the previous year, CAPMAS said.

Domestic consumption saw a slight drop of 0.3 percent to 38,000 kantars, while cotton ginning output increased by around 9 percent due to a rise in production, it added.

Egypt has introduced a new auction system that allows farmers to sell their crops in line with international prices which officials say is aimed to boost production and revive the once-flourishing industry.

The EGP 21 billion ($1.2 billion) scheme, which also involves a total upgrade of weaving plants, is now in a trial phase in the governorates of Fayoum and Beni Suef.

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