ICAC ranks Pakistan at 3rd position in world cotton consumption
05 Oct '05
3 min read
A report recently released by the International Cotton Advisory Committee (ICAC) rated Pakistan the third largest consumer of the commodity after China and India and the three Asian states would continue the trend by the end of 2006.
“The ICAC estimates that world cotton production will reach 25 million tonnes in 2005-06, five percent less than the previous season but still the second highest on record,” said the report.
“Demand is expected to increase by three percent to 24 million tonnes, and as a consequence world trade in cotton is expected to rise to a record of eight million tonnes.”
The ICAC report estimates Pakistan's cotton consumption to rise to 2.42 million metric tonnes this year against 2.3 million metric tonnes the country's textile industry consumed during 2004. The county is likely to consume 2.54 million metric tonnes cotton by 2006, calculates the ICAC report.
The cotton mill use in the country has been on the rise for the past couple of year due to $5 billion BMR (balancing, modernisation and replacement) programme undertaken by the textile industry.
The industry believes the post-quota trading environment under the WTO regime has a lot to offer to the $8 billion export industry and the increasing consumption of cotton bales in the mills is indicative of such a trend.
However, despite rising consumption of cotton in Pakistan, as per the international body's report, China and India are far ahead in textile production.
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