Cotton prices in Pakistan have continued their downward trend, with the spot rate dropping by 300 rupees, marking a troubling sign for the textile sector.
Business activities remain sluggish, exacerbating the crisis within the industry. Experts are urging the government to implement the Export Finance Scheme (EFS) locally and reduce energy costs, while also recommending the discontinuation of the EFS for imported yarn and fabrics.
The Pakistan Central Cotton Committee (PCCC) has not fully leveraged its potential in stabilizing cotton production, according to industry leaders.
A call for strengthening research and improving cotton quality has been echoed by agricultural experts, with many emphasizing the importance of immediate action to reverse the decline in cotton production.
The Pakistan Cotton Brokers Association has highlighted the urgent need for measures to boost cotton crop yields, fearing that the loss of agricultural scientists from key institutions could harm the national economy. As local markets struggle, the Spot Rate Committee of the Karachi Cotton Association set the spot rate at 17,000 rupees per maund, contributing to an already tough environment for local spinners. Despite the challenges, New York cotton futures have seen a significant rise, contrasting with the local market’s troubles.
