Textile industry protests soaring cotton prices

Over last six months, the prices of cotton in Egypt have soared from £12,000 to £43,000 per ton. In protest against this price hike, over 4,000 workers have declared a strike and rallied to the city council.

Around 1,300 factories, which are hit by the rise in commodity prices, are participating in the strike. The protesting firms and workers are demanding a ban on export of raw cotton, ending of subsidies for yarn exports, abolishing sales tax on cotton, duty imposition on exported yarn, raising customs duties on apparel imports and abolishing customs duties on yarn imports till the crisis ends.

The protestors are also demanding introduction of some additional measures to keep the textile industry afloat, as it is a source of livelihood for millions of Egyptians.

The strike is also being supported by the Center for Trade Union and Workers’ Services, which has urged the Government to interfere in the matter and take steps to safeguard the industry.