Gloomy Picture of Cotton Market Hitting Industry: Cotton Ginners

Cotton arrivals till September 15 fell by 18.6 percent to 2.186 million bales, according to the latest data.

Furthermore, cotton arrivals in Sindh dropped by 35.7 percent to 1.109 million bales, whereas cotton arrivals in Punjab rose by 12.16 percent to 1.076 million.

Out of the total arrivals, exporters bought 3,080 cotton bales, while textile mills bought 908,000 bales.

Commenting on the situation, Chairman Cotton Ginners Forum, Ahsan ul Haq, remarked that clearing of flood water in Sindh might take over a month. The already destroyed farming pattern due to flood might not be able to recover in months.

Experts believe that the sowing of the new crop (i.e. wheat) will face a delay due to this. He further added that farmers do not have enough money to sow a fresh crop  as they suffered huge losses due to the recent floods. He opined that even if the water was cleared, the financial condition of the farmer will make it near impossible to sow next crop.

Pakistan has also commenced the export of cotton. More than 3,000 cotton bales were exported to Bangladesh, Vietnam, and Indonesia. Moreover, exporters have signed agreements of up to 20,000 cotton bales. However, exporters are facing problems as the quality of cotton has been affected due to the recent floods and rainfall.

Currently, cotton prices in Pakistan hovering between Rs 22,000 to 23,000 per maund.

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