Page 12 - TEXtalks. July- August 2023

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Better Cotton and Cotton Egypt

Association forge new strategic

partnership in Egypt

Better Cotton, the world’s largest cotton sustainability initiative, and Cotton Egypt Association (CEA), the
organization responsible for promoting and protecting Egyptian cotton worldwide, have announced a new
strategic partnership to expand the Better Cotton program in Egypt.

The program was first launched in 2020 by the Egyptian Cotton Project, implemented by the United Nations
Industrial Development Organization (UNIDO), and funded by the Italian Agency for Development
Cooperation and the International Islamic Trade Finance Corporation (ITFC). This collaboration aims to
further enhance the sustainability and quality of Egyptian cotton production while ensuring fair working
conditions for farmers. Egyptian cotton is renowned globally for its exceptional quality, softness, and
durability. With a rich history dating back to the 19th century, it has become a symbol of luxury and
excellence in the textile industry. However, in recent years, challenges such as climate change, water
scarcity, and fluctuating market demands have posed significant threats to the sustainability
of Egyptian cotton farming.

Recognizing the need for proactive measures to safeguard the future of Egyptian cotton, CEA has joined
forces with Better Cotton in Egypt. Through this renewed strategic partnership, both parties will work
together to expand the implementation of sustainable farming techniques, provide further training and
support to farmers, and ensure compliance with rigorous environmental and social standards.

Garment exports from Vietnam

declined by over 17 percent

While Vietnam's textile-garment sector is working hard to meet its export target of $39-40 billion this year, its
garment export revenue in 2023 first half dropped by 17.6 per cent year on year to $18.6 billion.

The country has set an ambitious export target of $39-40 billion this year, according to the Vietnam Textile
and Apparel Association (VITAS). Its exports to the US declined by 27.1 percent in the first five months of
this year. The exports to the European Union declined by 10.9 percent during this period while exports to
Canada dipped by 6.2 percent. Experts attribute this decline to the global slowdown. But besides the global
recession, Vietnamese textile exporters are also facing stiff competition from China. While lending rates
ranging between 9 percent and 11 percent have further raised production costs compared to competitors.

The average monthly wage for textile workers in Vietnam of around $300, is more than three times higher
than Bangladesh’s $95, more than two times the wages of $145 that Indian textile workers get, and
considerably higher than Cambodia’s $190.

July/August 2023