According to Pakistan Cotton Ginning Association (PCGA) data, more than 6.25 million bales arrived at the factories by November 1, compared to more than 3.45 million on the same day last year, a difference of 2.8 million bales. By November 1 last year, media reported a 93 percent rise — 3.321 million bales vs 1.724 million — while Punjab recorded a 70 percent increase — 2.935 million bales versus 1.728 million.
According to Cotton Brokers Forum chairman Naseem Usman, experts anticipate Pakistan would produce 8.5 million cotton bales this season, compared to the Cotton Crop Assessment Committee’s projection of 9.3 million. He observes, however, that the cotton entering on the market these days is of inferior quality.
According to him, if total national cotton production is 8.5 million bales, the local textile industry will need to import 7 million bales to meet its demand of over 15 million, whereas it has only signed import agreements for 4 million bales, as white lint prices continue to rise in both the domestic and international markets.
Cotton prices in the local market are at Rs16,000 per maund, whereas in New York, they are at 116.85 cents per pound. According to PCGA figures, the arrival of cotton bales on the same day in 2019 was 6 million bales, up from 7.7 million bales in 2018 and 8.1 million bales in 2017.