Pakistan Textile Mill Signed 700 Thousand Cotton Contracts With India
Because
Pakistan
There were serious floods, so the Pakistan textile mill signed about 700 thousand bags with India.
New cotton
New cotton imports will enter the market in September, a senior industry official in Pakistan said on Wednesday.
Syed Ahsanull Haq, vice president of the Pakistan cotton growers association, said that after the floods hit cotton in the world's third largest textile exporters, Pakistan is expanding the number of cotton imports in the next market year (beginning in October 1st) in India.
Pakistan's Ministry of food and Agriculture said Tuesday that this year
Cotton yield
16% to 11 million 760 thousand bales of cotton will be reduced, 170 kilograms per pack, while the earlier estimate is 14 million bags.
Shahzad Ahmad, President of the Pakistan Textile Mills Association, said that the loss of cotton caused by floods was about 600 million dollars.
According to the Pakistan business records August 24th, Pakistan grain minister Naza Mohamed Nazar Muhammad Gondal has announced to the outside world that the flood was totally damaged or substantially damaged 4 million 250 thousand acres (1 million 720 thousand hectares) of rice, corn, cotton, sugar cane and other crops, accounting for 7.48% of the total 23 million hectares of farmland.
Among them, rice fields were the worst hit, with an estimated 1 million 510 thousand acres (615 thousand hectares) destroyed by floods. This will lead to a reduction of 1 million 500 thousand tons of rice this year.
Data show that in last fiscal year (July 2009 to June 2010), Pakistan rice production was 6 million 700 thousand tons and exported 4 million 500 thousand tons.
Pakistan is the third largest rice exporter in the world.
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