Egypt’s cotton exports to level up 14% in FY 2020/2021
The report noted that India and Pakistan are expected to remain top importers of Egyptian cotton
Thoraya, 80 years old farmer harvests cotton for 5 $ per day in a field in the province of Al-Sharkia northeast of Cairo, Egypt, October 15, 2020.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
ArabFinance: Egypt’s cotton exports are expected to grow 14% to 250,000 bales during the fiscal year (FY) 2020/2021 due to lower prices, according to a recent report by the American Department of Agriculture’s Cairo office.
The report noted that India and Pakistan are expected to remain top importers of Egyptian cotton in FY 2020/2021, which runs from July 2020 to June 2021.
However, imports of the crop are also expected to jump by 23% to 630,000 bales, as local supply falls short of domestic demand due to lower yields and area cultivation reduction.
Local production is forecast to fall by 30% to 215,000 bales in FY 2020/2021.
The slid in production was attributed to a 35% drop in total land cultivation, along with a surplus carried over into 2020, which added pressure on prices.
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