The amount of cotton sourced to ginners in Pakistan has risen sharply this month.
In its fortnightly report, the Pakistan Cotton Ginners Association (PCGA) said around 11 million cotton bales were sourced to the country's ginners by December 15 this year.
According to PCGA, 9.37 million bales of cotton were received during the corresponding period of last year. Thus, there has been an increase of 17.69 percent in the amount of cotton reaching the ginners during the period.
PCGA Chairman Amanullah Qureshi said a total of 9.013 million bales of cotton have been traded so far without participation of the Trading Corporation of Pakistan (TCP) in trading activity. Of these, the major share was of textile units which purchased 8,594,628 bales, while the other 422,297 bales were bought by exporters.
He stated that there are 2,022,093 bales that remain unsold with the ginners.
Prime Minister Yusuf Raza Gilani has directed the TCP to procure one million bales of cotton at a price that has to be decided after discussion with PCGA representatives.
Fibre2fashion News Desk - India
marketing@alchempro.com
