CAIRO, Jun 13 (Aswat Masriya) - Egypt's cotton exports fell by 54.2 per cent in the second quarter of the agricultural season (2015-2016), the official statistics agency said on Monday.
The Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement that cotton exports during the period between December and February reached 112.7 quintals, compared to 246 quintals in the same period last year.
CAPMAS attributed the decline in exports to a decline in the amount of cotton harvested this year.
The cotton crop, which has been one of Egypt’s leading agricultural export crops, has seen a number of crises over the past years leading to the deterioration in its quality and decline in its exports.
The Egyptian government formed a committee in October to put down suggestions on how to enhance the cotton cultivation methods.
Last month, the government agreed to set a guarantee price to buy cotton from local farmers at EGP 1,250 (around $140.8) per quintal, so as to enable farmers to earn higher profits.
CAPMAS said that local consumption of cotton declined to reach 76.4 thousand quintal while during the same period last year, the local consumption reached 175.8 thousand quintal.
One of Egypt's oldest industries, spinning and weaving, depends primarily on cotton.