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Egyptian Turmoil May Affect Prices in the United States

The cost of Egyptian cotton imports is expected to rise significantly as a result of the political chaos in Egypt.

In terms of year-over-year production, Egypt ranked fourth in the world in 2010 with a 39 percent increase in cotton output from 2009 behind China, the U.S., and India.

The Dow Jones-UBS Cotton sub-index rose 63 percent from Nov. 1 to Dec. 31 2010 to finish the year at $34.67. Since the onset of problems in Egypt, that index rose to $42.19 by the end of trading Friday (a 21.6 percent jump year-to-date).

"We are committed to keeping our prices fixed despite the extenuating circumstances," said Paul Saunders, owner of Exceptional Sheets, an online retailer that sells bed and bath linens made from Egyptian cotton. "However, others in the industry have had to raise prices by more than 30 percent due to the worldwide cotton shortage."

The banks of the Egyptian Nile River are known to grow the world's finest longest-staple cotton. The quality of the yarn is largely a function of the length of the cotton fiber. This is because long-staple cotton can be spun into a smoother, stronger, and much finer yarn.

"Egyptian cotton is used to make our luxury sheets, towels, and other linens. Not only is Hosni Mubarak responsible for political turmoil in his own country, but he might also be at least partially responsible for upcoming price hikes worldwide." said Saunders.

A world wide cotton shortage has been exaggerated by floods in Pakistan and shrinking supply from India. "Actually, India cancelled its exports of cotton," said Sharon Johnson, a cotton analyst at First Capital Group in Atlanta, told the International Business Times.

"This all means the cost of cotton is at a 150 year high but at Exceptional Sheets we will, at least in the short term, delay passing on higher prices unto our customers," said Saunders.

About the Author

Paul Saunders is the author of this article on Egyptian Cotton. Find more information about Egyptian Cotton Sheets here.

Glee is fashionista thrift store finds by blogger Daniel Troppy.

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