Drop in Togo’s Q1-16 cotton exports possibly cushioned by a softer XOF

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Local media has reported a 15.6% decline in Q1-2016 cotton exports from Togo to 11,761 metric tonnes (approximately 54,000 bales) compared with 13,938 metric tonnes (approximately 61,000 bales) prior. Although current cotton output has risen strongly to more than double the size of the harvest in the 2010-11 season, there are still sharp variations in supply from the country. Data from the US Department of Agriculture suggests output and exports peaked in the 2014-15 season at 220,000 and 175,000 bales respectively. According to figures from the International Trade Centre (2013); the top three importers of cotton from Togo were China, Indonesia and Vietnam (displacing Malaysia). Q1-2016 cotton imports accounted for 9.4% of total exports from Togo and were valued at 10.2bn CFA frs (XOF), only marginally down from last year’s 10.5bn CFA frs. We believe this is possibly due to a weaker XOF. USD/XOF is up 4% in Q1-2016 compared with Q1-2015.

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