By Guardian Reporter , The Guardian
EARNINGS from Tanzania’s cotton exports more than doubled to US$172.8 million during the year 2022/2023, an increase from US$77.5 million recorded during the financial year 2021/2022.
Data by the ministry of agriculture and the Tanzania Cotton Board (TCB) shows that the increase resulted into improved price in the world market, as well as increased quantity to 256,409 bales in 2022/2023 from 209,348 bales exported during 2021/2022.
According to data from the world market, the price of cotton reached $154.90 per lbs in June 2022, the 10 years from US$63 per lbs in June 2020. However, the 2022 peak price was lower than $198 per lbs, the historical high recorded in May 2011.
The ministry and TCB data show Pakistan is the leading destination of Tanzania’s cotton export, after recording US$49.5 million, from exported 93,253 bales of cotton, an increase from US$30.9 million from 83,558 bales exported during 2021/2022.
The second exports destination was India, which its exported amount amounted to US$36.5 million from 62,736 bales in 2022/2023, an increase from US$6.4 million earned from exported 17,427 bales during the financial year 2021/2022.
Singapore was the third top export destination, after recording earnings amounting to US$27.1 million, from 47,163 bales. However, Tanzania did not record any cotton exports to Singapore from 2018/2019 to 2012/2022.
The report shows Bangladesh was fourth top cotton export destination, after recording earnings amounting to US$19.1 million from 32,664 bales in 2022/2023 from US$15 million or 40,821 bales recorded during the 2021/2022, followed by Italy, which received 8,019 bales valued US$17.2 million.
Other exports destinations according to the report were China, which imported 4,304 bales valued US$3.3 million, France (US$2.6 million from 4,375 bales), Mauritius (9,592 bales valued US$5 million), Kenya (2,301 bales valued US$1.2 million), Germany (2,225 bales valued US$1.4 million) and Vietnam, which imported 5,920 bales valued US$2.8 million.
Cotton was also exported to Indonesia, Portugal, Swaziland, Thailand, UAE, Uganda and Rwanda.
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