KARACHI: Dollar strength, limited supply of cotton, rally in international cotton affected domestic cotton prices. The All Pakistan Textile Mills Association (APTMA) in a letter to the Prime Minister said that the problems of the textile sector remain unresolved and economic recovery is not possible without resumption of exports.
Khurram Mukhtar, patron chief of the Pakistan Textile Exporters Association, said the government should announce special rates for electricity and gas for the export-oriented industry. A team of Aptma experts is actively working to rehabilitate the cotton. Cotton production expected to cross one crore bales.
The overall trend in the domestic cotton market was positive after the volatility in cotton prices during the last week. Weavers are interested in buying cotton, while ginners are also interested in selling cotton.
Due to the increase of dollar and the boom in the international cotton market, the price of cotton increased by about 600 to 800 rupees per head. The recent rains may affect the quality of cotton.
On the other hand, the government's campaign is also going on to buy Futi at Rs.8500 per 40 kg, although in some areas of Punjab, the price of 40 kg is being told as Rs.8500 to Rs.8600.
APTMA sources said that in a letter sent to Prime Minister Shehbaz Sharif, APTMA claimed that the country's exports could increase by $10 billion after resolving issues in the textile sector. There is a serious crisis in the textile sector due to the international recession and a sharp fall in the rate of cotton yarn.
The Pakistan Cotton Ginners Association has for the first time released the cotton production figures in the country till July 15. Till this period, the production of cotton in the country has reached eight lakh fifty eight thousand bales, which is said to be encouraging. In view of this, experts believe that if the weather conditions are favourable, the production of cotton is expected to be around one crore bales.
The rate of cotton in Sindh is between Rs 17,700 to Rs 17,800 per head. The rate of foot is 7700 to 8000 rupees per 40 kg.
The rate of cotton in Punjab is Rs 18,200 to Rs 18,500 per head, while the rate of foot is Rs 7,500 to Rs 8,600 per 40 kg. Cotton rates in Balochistan range from Rs 17,700 to Rs 17,800 per head and cotton between Rs 7,600 to Rs 8,000 per 40 kg.
The rates of khal, cottonseed and oil also increased.
The spot rate committee of the Karachi Cotton Association increased the spot rate by Rs 7,00 per head and closed it at Rs 17,700 per head.
Naseem Usman, president of the Karachi Cotton Brokers Forum, said that the overall increase in international cotton prices continued. The futures trading rate of New York cotton increased to 84.48 percent. The trend of increase in the rate of cotton was seen in India.
According to the USDA's weekly production and sales report, 67,100 bales were sold for the year 2022-23. Pakistan bought 3800 bales and ranked fourth.
86,100 bales were sold in the year 2023-24.
China topped the list by purchasing 49,200 bales. Pakistan bought 17,900 bales and stood second. Vietnam bought 8,400 bales and ranked third.
According to APTMA, the consistent year-on-year decline in monthly exports throughout the financial year is a matter of concern. 50% of the existing production capacity is currently non-functional.
Sheikh Khurram Mukhtar, patron chief of the Pakistan Textile Exporters Association, has said that special rates for electricity and gas should be maintained for the export sector to compete with other countries. Our demand is justified as we are not asking for concessions, but for electricity and gas at tariff rates without adding additional cost.
He further said that the government will have to move forward with a concrete plan to deal with the significant reduction in industrial and economic growth. Referring to the past, he said that the textile export volume in the textile sector increased by 55% to $19.5 billion from 2020 to 2022 due to government protection.
Meanwhile, APTMA's team of cotton experts is actively engaged in providing crop advisory services to the cotton growers in the core divisions of Multan, Bahawalpur and Rahim Yar Khan. The main objective is to increase the yield per acre and help the farmers to get better quality of cotton through expert guidance and recommendations.
The APTMA field team also provides valuable crop advisory services to cotton growers to effectively address deficiencies, focusing on crop-wise and soil-wise nutrient recommendations.
To deal with the potential threats on cotton crops, the field team conducts regular pest scouting in major cotton growing areas of Punjab. By identifying pests and monitoring their populations, the team can quickly respond to any pest outbreak while minimizing potential damage. On-site recommendations are provided based on specific pest problems, providing farmers with effective and sustainable pest management solutions.
The APTMA field team also advises growers on essential selection and storage practices to ensure that the quality of the cotton is maintained. proper selection techniques to minimize
Fiber damage is demonstrated, and storage guidelines are shared to prevent damage and contamination during storage.
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Team Sis
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