Greece's cotton production & exports to drop in MY 2021-22: TexPro

                                                                    Source: TexPro & USDA

Greece’s cotton exports may also be affected in MY 2021-22 as the area of cotton plantation is expected to be reduced by 5.50 per cent in favour of sunflower, durum wheat and corn cultivation.

The cotton production in the country dropped from 1.68 million 480 lb bales in MY 2019-20 to 1.40 million 480 lb bales in MY 2020-21, recording a decline of 16.67 per cent, according to Fibre2Fashion’s market analysis tool TexPro. This was mainly due to a reduced area of plantation, unfavourable weather conditions during harvest, average yields and the impact of the COVID-19 pandemic.

In the ginning industry of Greece, approximately 80 per cent of the companies are privately owned and the rest are cooperatives. The current financial crisis in the country has significantly affected the cotton market and has created high risk and uncertainty for industry stakeholders. Most of the ginners and cooperatives are unable to maintain their stocks without some help from the banks.

ALCHEMPro News Desk (KD)