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Drop in cotton prices causes heavy losses

    ABIDJAN

    A drop in cotton prices on the world market caused Mali to lose the equivalent of about US $100 million this year, AFP quoted the executive director of the Compagnie malienne de diveloppement du textile (CMDT), Drissa Keita, as saying on Friday.

    Mali, Africa’s second largest producer of cotton, with this year’s output amounting to 520,000, according to Keita, whose company is owned by the Malian state (60 percent) and a French firm, la Compagnie frangaise des fibres textiles (CFDT), AFP reported.

    Cotton accounts for half of the country’s hard currency earnings, grossing about US $300 million a year, AFP said.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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