Cotton prices in Pakistan in October 2020
KARACHI: Cotton and cottonseed prices have risen sharply in Pakistan’s cotton markets following the release of reports by the United States Department of Agriculture on a sharp decline in cotton production and an increase in consumption this year. The price of cotton has risen by Rs 300 to Rs 10,000 per quintal, reaching a ten-year high once again hit a ten-year high.
During Cotton Air 21-2020, the total production of cotton in Pakistan is likely to be 7.5 million bales (160 kg) more than the initial estimates, which is a cause for concern in the entire cotton sector. The consumption of cotton in Pakistan is estimated at 13.6 million bales, which will force Pakistani textile mills to import 5.2 million bales this year. Local textile mills have so far entered into import agreements for more than 1.5 million bales of cotton to fulfill their export orders.
With Pakistani textile mills receiving the highest export orders in history, record consumption of cotton is expected this year, so the federal and provincial governments should ban sugarcane cultivation in the cotton zones of Punjab and Sindh. Pakistan does not have to import billions of dollars worth of cotton and edible oil every year.
|Name of City||Price|
|Rahim Yar Khan||3,900-4,550|
Heavy rains in Sindh this year and attacks by whiteflies and pink cinnabar on the cotton crop in Punjab have led to fears of a record decline in Pakistan’s gross domestic product.