Pak mills finalise deal for 0.7 mn bales of cotton from India
Textile mills in Pakistan have finalised contracts for importing about 0.7 million bales of cotton from India as part of measures to bridge the shortfall in domestic production.
By PTI |
KARACHI: Textile mills in Pakistan have finalised contracts for importing about 0.7 million bales of cotton from India as part of measures to bridge the shortfall in domestic production, a media report said.
The textile industry needs to import nearly four million bales as Pakistan is facing a production shortage this season, said Cotton Brokers Forum chairman Naseem Usman as quoted in the report.
The mills have contracted a total of 1.2 million bales of cotton so far, including the quantity from India, it said.
Referring to estimates by All Pakistan Textile Mills Association officials and importers, Usman said supplies from the US and other sources has begun reaching mills. Cotton from India would start arriving next month, he said.
According to the report, the Pakistan government recently cut cotton production estimates from 14 million bales to 12.8 million bales due to attacks by mealy bug and virus on standing crops. However, Usman said the damage is even more extensive and Pakistan is likely to produce only 11.5 million bales this season.
Cotton rates were stable at Rs 3,225 per 37.324 kg at the close of trading yesterday at the Karachi Cotton Association. However, the rates will rise further as spinners are showing an increasing demand for silver staple, he said.
Usman said the textile industry needs 15-16 million bales due to the mills expanding their capacity in the past five years.
The textile industry needs to import nearly four million bales as Pakistan is facing a production shortage this season, said Cotton Brokers Forum chairman Naseem Usman as quoted in the report.
The mills have contracted a total of 1.2 million bales of cotton so far, including the quantity from India, it said.
Referring to estimates by All Pakistan Textile Mills Association officials and importers, Usman said supplies from the US and other sources has begun reaching mills. Cotton from India would start arriving next month, he said.
According to the report, the Pakistan government recently cut cotton production estimates from 14 million bales to 12.8 million bales due to attacks by mealy bug and virus on standing crops. However, Usman said the damage is even more extensive and Pakistan is likely to produce only 11.5 million bales this season.
Cotton rates were stable at Rs 3,225 per 37.324 kg at the close of trading yesterday at the Karachi Cotton Association. However, the rates will rise further as spinners are showing an increasing demand for silver staple, he said.
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Usman said the textile industry needs 15-16 million bales due to the mills expanding their capacity in the past five years.
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