Uzbek commodity exchange increases cotton exports
BAKU, Azerbaijan, Feb. 17
By Ilkin Seyfaddini – Trend:
Uzbek republican Commodity and Raw Materials Exchange has sold 1,534 tons of cotton fiber for a total of $1.5 million through the currency trading floor, which makes up 15 percent of the total exchange export, since the beginning of 2020, Trend reports citing the Uzbek Commodity Exchange (UZEX).
Compared to the same period in 2019 - cotton exports through the exchange increased by 36 percent. Uzpakhtasanoat sold 1-grade and 5-grade of cotton to the United Arab Emirates and Turkey.
According to the results of last trades, the average weighted export price for cotton fiber was $973.1 per ton. Including, the weighted average price of 1-grade raw cotton was $1,753 per ton and 5-grade cotton fibre was $859.6 per ton.
From the beginning of 2020, the price of cotton on world exchanges was 68.4 cents per pound ($1,530 per ton).
Cotton fiber of Uzpakhtasanoat JV sold through exchange trades for domestic trade and export in accordance with the Decree of Uzbekistan Cabinet of Ministers.
According to statistics, Uzbekistan exported $1.5 billion worth of raw cotton in 2010. In 2015, this figure was $736 million, and in 2018 it was $222 million.
On average, Uzbekistan produces 1.2 million tons of cotton per year. Uzbekistan will abolish the state procurement of cotton starting from this year.
Follow author on Twitter: @seyfaddini