The total amount of exports of Egyptian cotton decreased by 69.7% in the third quarter of the agricultural season 2013/2014, according to a Central Agency for Public Mobilization and Statistics (CAPMAS) report issued Monday. This is due to the decrease of cultivated area as a result of farmers opting to grow other more profitable crops. The exports reached 106,500 metric Kentar during the period between March and May 2014 compared to 351,700 metric Kentar during the same period of the previous season. The amount of local cotton consumed decreased by 68.4% as a result of the increase in cotton imports as well as the shutting down of a number of spinning factories. In June, the Holding Company for Spinning and Weaving recorded losses at EGP 2.1bn for the current financial year. In July, the Holding Company requested the Egyptian Natural Gas Holding Company (EGAS) to restructure its debts in order to drive company growth to reach 70%. The amount of local consumed cotton reached 109,600 metric Kentar during the period between March and May 2014 compared to 346,200 metric Kentar in the same period of the previous season. The amount of ginned cotton decreased by 18.7% to reach 395,000 metric Kentar during the period between March and May 2014 compared to 485,900 metric Kentar during the same period of the previous season.
