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Cotton export fetches US$ 425mn for Pakistan in FY12
20
Jul '12
Pakistan earned US$ 425 million by exporting a record 1.5 million bales of cotton during the fiscal year 2011-12 that ended on June 30, 2012.
 
During the same period, the country spent US$ 320 million on importing around 1 million bales of cotton from India, China and other countries.
 
Speaking to fibre2fashion, Mr. Amanullah Qureshi, Chairman of Pakistan Cotton Ginners Association (PCGA) said, “Pakistan exported 1.5 million cotton bales in 2011-12 worth US$ 425 million, which was the highest ever.”
 
“About 1 million cotton bales worth US$ 320 million were imported from India, China and other countries during the year. The imported cotton was of the long staple variety needed for fine cone, which is used in textile units. Pakistan will have to import the long staple cotton, even if the country produces 20 million bales as that variety is not produced in Pakistan,” he added.
 
“Besides, long staple variety, good quality cotton like the Shankar-6 variety was also imported from India in the end of the season as our quality crop stock got exhausted by that time,” he reveals.
 
Talking about quantity of cotton production in Pakistan, Mr. Qureshi says, “Last year, Pakistan produced 15 million bales of cotton. About 2 million bales of crop got destroyed due to rains and floods. Otherwise, the total production would have gone up to almost 17 million bales.”
 
“For the new cotton season, we are estimating the cotton production in the country to be about 16 million bales. Early arrival has started around two weeks back, but actual arrival will begin next month,” he informs.
 
However, the official cotton estimate for the new season would be decided at a meeting on July 23, 2012. It will be attended by representatives of the Department of Agriculture, PCGA and cotton growers.
 
On July 19, cotton was being traded at Pk Rs. 6,300 per maund of 37.328 kg. “With the increase in arrival of cotton, the prices will go down,” opines Mr. Qureshi.
 

Fibre2fashion News Desk - India

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