Pakistan Cotton Production Shortfall to be Covered by Indian Cotton Exporters.
Pakistan has recently faced a 35 percent shortage in cotton production this year. According to data from Pakistan Cotton Ginners’ Association (PCGA), 4.440 million bales were produced up to Oct 15, however on the same date of previous year the recorded production was 5.044m bales. Read: Price of Tomatoes Reaches at 400 Per Kg Making […] The post Pakistan Cotton Production Shortfall to be Covered by Indian Cotton Exporters. appeared first on Nation Bytes.
Pakistan has recently faced a 35 percent shortage in cotton production this year. According to data from Pakistan Cotton Ginners’ Association (PCGA), 4.440 million bales were produced up to Oct 15, however on the same date of previous year the recorded production was 5.044m bales.
Read: Price of Tomatoes Reaches at 400 Per Kg Making PML-N Submit Resolution.
Due to the prevalent situation of shortage of cotton production it is being predicted that industry would have to spend $1.5 billion on import of 5.5 million bales, says Dr Amanullah Kassim Machiyara, Central chairman All Pakistan Textile Mills Association. Talking about the issue he added that locally produced cotton is deteriorating in quality as well.
Meanwhile, Indian cotton exporters are trying to resume cotton trade relation with Pakistan in order to cover up the shortage. An official of a Mumbai-based export house, quoted Economic Times.
“There is a good opportunity to export cotton and cotton yarn to Pakistan from India. From multinational companies to domestic exporters, all are closely monitoring the situation. Traders may represent the case to the Indian government,”
Pakistan is expected to import 1.5-2 million bales of cotton this year. The figure of cotton imported in 2018 was 500,000 bales. The number showed an increase of 10-15 percent in the import. Mahesh Sharda, president of the Indian Cotton Association said,
“We expect annual exports for Indian producers and processors to increase by 10-15 per cent over the previous year up to 6 million bales. Demand will largely come from Bangladesh, China and Vietnam. We are aware of the shortfall in Pakistan and resumption of trade is a political decision to be made by the two countries,”
Also Read: Pakistan-Russia: Million Dollars Trade Dispute Settlement After 39 Years.
The post Pakistan Cotton Production Shortfall to be Covered by Indian Cotton Exporters. appeared first on Nation Bytes.
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