The commencement of the cotton exports season holds great promise as the ginning industry has already received early orders for 600 tons.
Record-breaking Cotton Production 10+ Million Bales
The Chairman of the Cotton Ginners Forum, Ihsanul Haq, disclosed that a prominent Sindh-based cotton ginner has successfully secured preliminary contracts for exporting around 600 tons of cotton to Indonesia and Vietnam.
The shipments are set to be dispatched in early August.
Cotton Production 10+ Million
He stated that provided the weather continues to be advantageous, Pakistan’s cotton output is projected to surpass 10 million bales in the forthcoming year, signifying a comforting development for the textile domain and showcasing the capacity of the cotton sector.
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However, Ihsanul Haq stated that the postponed purchase by ginners is additionally causing a rise in cotton prices to Rs. 17,500 per 40kg in Sindh and Rs. 17,000 per 40kg in Punjab.
Furthermore, the fluctuation in the dollar exchange rate might further affect the prices in the upcoming days.
It is important to emphasize that the quality and quantity of cotton have experienced remarkable enhancements in the past year, thanks to an optimal coastal Sindh environment characterized by reduced rainfall and elevated temperatures.
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Consequently, the industry has validated preliminary orders and anticipates achieving unprecedented export figures.