Pakistan is taking steps to increase cotton production
The government has taken timely positive steps to increase the production of cotton for the next season, which is expected to increase cotton production. The cotton production target for the next season has been kept at 127.7 lakh bales. The NFSR has also called for procurement of 10 lakh bales through TCP to keep the intervention price stable and constitution of Cotton Price Review Committee (CPRC) to monitor it, which is a welcome sign.
There were reports of closure of cotton looms, garment factories and sizing factories in the market and this may further deepen the crisis. Due to lack of business, financial crisis is increasing in the market. However, the cotton yarn market is also at a standstill. The spinners have sold a large quantity of yarn on credit. There were almost no imports, resulting in a severe financial crisis and making payments extremely difficult.
The situation with PC yarn is also not much different. In this situation, according to the All Pakistan Textile Mills Association (APTMA), doing business is almost impossible. On the other hand, the economic and political situation of the country has already deteriorated. Higher sales tax rates, energy crisis and news of further interest rate hikes will add to the woes.
According to the USDA's weekly export and sales report for the year 2022-23, three lakh, ten thousand and two hundred bales were sold. Vietnam topped by purchasing one lakh fifteen thousand three hundred bales. China came second by buying ninety five thousand nine hundred bales. Bangladesh bought 30,000 bales and came in third. Turkey bought 25,100 bales and stood at the fourth position. Pakistan bought 15700 bales and stood at the fifth position.
As the government has failed to solve the economic problems including industry issues, it is feared that about seven million workforce of the industry is being affected due to closure of industries or reduction in their productivity. Four million of these affected workers are garment workers. This was disclosed by the Coordinator of Value Added Textile Forum, Mohammad Javed Balwani during a meeting with the representatives of Value Added Sector at PHMA House.
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https://smartinfoindia.com/hi/news-details-hindi/PAKISTAN-COTTON-MARKET-REVIEW-PRICES-WEEKLY-DECLINE
