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Turkish cotton impacted by non-biological “Boll Weevils”

Posted on 28 August 2008

From Resourceinvestor.com: Cotton area and production is now estimated to be 380,900 hectares and 500,000 tonnes. The decline in the planting area is due to better returns on alternative crops, namely corn and vegetables. Moreover, frost in the early season also adversely affected planting. An overvalued Turkish Lira continued to hurt Turkish yarn and textile exports and helped competitors from lower cost countries such as India and Uzbekistan.

The Turkish government introduced a new import tax on cotton yarn to protect domestic companies. While total cotton imports declined during the first 11 months of market-year 2008 the market share of U.S. cotton increased to 68%. The GSM-102 Credit Guarantee Program plays and important role in U.S. exports to Turkey, and a late and partial announcement of the 2008 program adversely impacted program utilization….. Full Article: Source


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