Karachi: Trade remained low despite selling of 1 million cotton bales by the Trading Cooperation of Pakistan last week. However, the price of cotton remained stable in New York Exchange. The TCP bought the cotton for Rs 6,864 per 40 kg.
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Cotton Ginner Chairman Ahsanul Haq told Customs Today, “According to the new policy of TCP, it will buy 600 bales of cotton from every ginner rather than 500 in Rs 6,864 and any ginners can sell more bundles to TCP without any limitation”
He said in this way “politically strong ginner will sell more cotton to TCP than the common ginner”. He added, “Huge quantity of cotton is being smuggled into Pakistan via Afghanistan. Moreover some textile mills are importing cotton from Afghanistan which is better than Pakistan’s cotton to some extent.”
It is expected that in 2014-15 China’s import of cotton will reduce to its lowest in the last 10 years. According to sources, China will import only 1.3 billion tonnes of cotton in future. On the other hand, US import of polyester and other non-cotton textile goods have increased after 1991.
Latest data shows that imports of Chinese polyester were 9.87 billion square metres while cotton imports were 9.16 billion square metres in September 2014.
