Cotton prices decline for past two weeksBreaking

October 12, 2023

Pakistan: Cotton prices in Pakistan have recorded a decline of Rs 5,000 per maund (40 kg) over the past two weeks, due to the falling value of the US dollar. However, the textile sector is showing no interest in purchasing cotton despite the fall in prices, due to the record hike in power tariffs. This has led to a wave of concern in the cotton ginning sector, which has demanded immediate procurement of cotton from the Trading Corporation of Pakistan (TCP).

Chairman of the Cotton Gener's Forum, Ehsanul Haque, said that the Cotton Crop Assessment Committee meeting should be held immediately by the stakeholders to set a new production target, in the context of the unexpected reduction in the overall national production of cotton due to whitefly and adverse weather conditions.Haque also said that about two weeks ago, the price of cotton in Pakistan reached Rs 22,000 per maund, but it has now declined to Rs 17,000 per maund. The price of cotton per 40 kg has also declined from Rs 10,000 to Rs 8,500.

The cotton ginning sector is concerned that the fall in cotton prices and the lack of interest from the textile sector could lead to a crisis for the cotton industry. They have urged the government to take immediate steps to support the industry, such as procuring cotton from the TCP and providing subsidies to the textile sector.

Credit: Independent News Pakistan (INP)