Textile industry has steadily started showing considerable improvement. With Government considering textile as the driving force of the country and chalking beneficial schemes, the sector's future looks bright. Cotton as major contributor is also attracting the much needed attention.
Nevertheless, cotton supply, currently, is tight and the demand is growing. This situation has shot up prices, with spot rates going as high as Rs2900 per maund. Since the new crop will be on market only after two months, the prices are not likely to go down anytime soon.
Reliable sources have also revealed that the cotton mills are struggling and several are on the verge of closing down.
Karachi Cotton Association official told Fibre2fashion, “Industry has set production target of 14 million bales for this year. Rains are splashing the country, particularly Punjab, which will help achieve this target.”
However, the source informed that the expected domestic demand will be over 16 million bales. Thus, Pakistan will still be required to import 2-3 million bales. He said that though US tops the list, India is also emerging as a major cotton supplier, especially after the opening of Wagha border.
Fibre2fashion, News Desk - India
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