Cotton revival could keep Egypt’s economy spinning
The production and export of Egypt’s most famous crop is seeing a revival after quality assurance measures are enacted.
Egypt’s famed cotton industry is starting to revive following a Central Bank decision to float the pound last November and a crackdown on false Egyptian cotton worldwide, the country’s farmers and exporters say.
The production and export of Egypt’s most famous crop have been hit hardest since the January 25 Revolution, which led to a security vacuum and looser regulations degrading the quality of the local cotton.
According to the state-run Central Agency for Public Mobilization and Statistics, Egypt’s cotton exports jumped by 63.9% during the first quarter of the planting season of 2016/2017.
In a February statement, the official statistics agency said that Egypt’s cotton exports were 202,500 bales in the period from September to November compared to 123,600 bales in the same period a year earlier.
