With the spinning mills staying away from bulk cotton purchases, the cotton Pakistan’s cotton traders have accelerated their efforts to export the commodity to keep rates stable.
Cotton exports from Pakistan have already kicked off. A major cotton ginner from Sindh has already finalized agreements to export 600 tons of cotton to Indonesia and Vietnam. This news was confirmed by the Chairman of the Cotton Ginners Forum, Ihsanul Haq. This year could turn out to be a record-breaking year for cotton exports.
The favorable weather and lack of rainfall, suitable temperature resulted in significant improvement of cotton quality in Sindh’s coastal area. As a result, Pakistan has received early orders for cotton exports, indicating the potential for achieving record-breaking figures this year.
The delay in cotton procurement by cotton ginners has led to a rapid increase in cotton prices. Prices have reached Rs17,500 per maund in Punjab, following a recent increase of Rs500, and Rs17,000 per maund in Sindh. The fluctuation in the value of the dollar may further impact cotton prices, leading to potential increases or decreases in the future.
Considering the favorable weather conditions, Pakistan is expected to produce more than one crore bales of cotton in the upcoming year (double that last year), provided that the weather remains conducive, said Haq. This projection bodes well for the country’s textile sector and highlights the potential for a strong cotton industry in Pakistan.
Improved cotton quality boosts Pakistani cotton exports
