“The government aims to increase the price of the long staple cotton to more than 3,000 Egyptian pounds ($168.07) per qintar, which will all be exported, the spokesman said”Production of the cotton, used in luxury bedding, has fallen sharply since 2011, a year of political upheaval that coincided with looser regulations that degraded the quality of local cotton”Egypt’s sunny skies and superior seed help it grow a cotton known for unusually long fibers that produce a light durable fabric with an attractive sheen and soft touch. Long-staple cotton sells at $1.55 per pound, about twice the price of common short-staple cotton”Its return to world markets could provide a lucrative export opportunity at a time when Egypt has a huge trade deficit and is seeking to relaunch its stagnant economy”In 2016 Egypt banned all but the highest quality cotton seed, dramatically shrinking the area under cultivation but restoring quality, in a bid to save its historic crop”This year Egypt grew about 220,000 acres (89,000 hectares) of long-staple cotton compared with 130,000 acres (52,600 hectares) in 2016-2107, Abdel-Dayem said”Farmers, spinners, and exporters say the weakness of the Egyptian pound following its flotation in November and a scandal over the alleged sale of falsely labeled Egyptian cotton have increased demand for the real thing, injecting life into a historic industry on its deathbed”
Date:6/12/2017
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