TURKEY: Cotton Bourse Hit by Rising Imports
Turkey’s cotton bourse is going through tough times due to stagnation in demand, deriving from increasing cotton and yarn imports as well as global warming. Cotton producers are worried they will not be able to sell the cotton stocks in their hands. Designating the price of cotton for the entire country, agrees that…
Egytex News Desk
Egytex
Imports are the reason behind the cessation of the cotton trade. It is possible to import yarn and cloth at the price of domestic cotton. Cotton prices on the world market declined to $1.75 (YTL 2.20). However, it is still above YTL 2.30 in Turkey.” Policies to prevent imports and to encourage domestic cotton production are required.
Every day there is another story about companies that have to suspend production, dismiss workers and invest abroad. Selling was about 1,000 tons of cotton a day just five or six years ago. However, at present sellers are lucky if they make a trade of 250 tons. People are unable to protect the market as it used to. The most important textile firms orient toward imports.
Source: TextileDailyNews.com
From the Egytex news archive, first published on 26 May 2008. Figures and names are as reported at the time.
