Daily News Egypt

Cotton Industry sustains continuous losses as production costs increase


CARIO: Sayyed Farag, a 50-year-old cotton grower, decided that starting this year he will not grow cotton anymore after sustaining considerable losses as he sold a quintal of cotton for LE 600 not LE 840, the price Prime Minister Ahmed Nazif set to help farmers this season.
The loss, which many farmers have suffered, is largely due to a severe deterioration in the quality of the long-staple Giza 70, the once-proud¬†Egyptian variety sold in international markets.¬†This year’s cotton losers are likely to switch to other easier and more profitable crops, like rice.