Pakistan: New Cotton Market Is Down Sharply, Textile Mills Import Large Quantities.
According to the statistics of Pakistan cotton mill Association (PCGA), as of October 1st, the new cotton market in Pakistan decreased by 27.04% compared to the same period last year, to 2 million 933 thousand bales, far below the 4 million 20 thousand package of the same period last year.
Specifically, the new cotton market in Punjab province has 1 million 165 thousand packages, a decrease of 35.87% compared with the same period last year, and the new cotton market in Sindh province is 1 million 767 thousand packs, down 19.74% from the same period last year.
According to PCGA, the number of ginning plants started in Pakistan has dropped sharply, and only 581 processing plants have started in the country, compared with 777 in the same period last year.
As cotton production has dropped significantly, cotton prices in Pakistan are higher than international cotton prices, and textile mills are actively importing cotton. Last week's US cotton export weekly showed that Pakistan signed 62 thousand and 900 packages and signed a total of 666 thousand contracts.
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