Tridge summary
Uganda's cotton exports have rebounded, with a significant increase in both value and volume in October, recovering from a slump occurred in May. The country earned $5.9 million from exporting 25,289 bales, compared to $0.13 million and 519 bales in May. This surge is attributed to increased demand from apparel manufacturers in Asia and Europe as the marketing season for cotton begins. However, the industry faces challenges such as reduced demand due to the pandemic, climate change, and fluctuating prices.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Cotton exports in both value and volume recovered from a slump, surging in the period ended October, according to data from Bank of Uganda. Bank of Uganda data indicate that cotton earnings, which is one of Uganda's traditional exports, in October surged to $5.9m (Shs21.8b) recovering from a slump of $0.13m (Shs481m) in May, the worst performance since October 2016 when the country fetched only $0.12m (Shs444m). During the period, the report indicates, Uganda exported 25,289 bales up from 519 bales in May. Ms Damalie Lubwama, the Cotton Development Authority principal monitoring and information manager, told Daily Monitor, cotton demand was low during March, April and May, noting the cotton calendar tends to be more active towards the end of the year. "The current rise in volume and value is because we are entering a 2021 marketing season," she said, noting there has been increased demand by apparel manufacturers, especially in Asia and Europe. Cotton is one of Uganda's ...
Source: All Africa
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