Significant Surge in Cotton Arrivals: Record Increase of Rs1,500 per Maund
Textile companies secured 7.314 million bales, while exporters purchased 289,000 bales.
Karobar
The latest statistics released by the Pakistan Cotton Ginners Association (PCGA) reveal a noteworthy increase in cotton arrivals, reaching 8.171 million bales as of December 31, 2023.
Comparing this data to December 03, which reported total arrivals at 8.024 million bales, there has been a substantial uptick of 1.83%. However, when measured on a year-on-year basis, the surge is even more impressive, marking a substantial 77.14% increase compared to the 4.613 million bales recorded in the Same Period Last Year (SPLY).
An essential highlight is the unprecedented spike in cotton prices, surging by Rs1,500 per maund and currently resting at 19,500 per maund. In the futures market, contracts are being quoted around Rs20,000 per maund.
PCGA data highlights Sindh province as the leading cotton producer in Pakistan. Cotton arrivals from Sindh rose by 0.49% from December 15 data, reaching 4.09 million bales. Simultaneously, Punjab province, another key cotton-producing region, experienced a 3.01% increase in cotton arrivals, totaling 4.079 million bales.
The industry currently operates with 302 ginning factories.
Notably, data for arrivals on December 15, 2022, was not collected by the association, making a year-on-year comparison inapplicable.
Pakistan, a top-ten global cotton producer, relies significantly on cotton and textile products as major exports. Despite this, the output still falls below anticipated levels.
