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LAHORE: The sluggish trend remained continued in the local market on Saturday. Market sources told that market volume remained very thin.

Cotton Analyst Naseem Usman told that federal government has started a process of cancellation of registration of 206 seed companies who were making substandard cotton seeds.

The country’s textile group exports have witnessed 9.06 percent growth during the first nine months (July-March) 2020-21 and remained at $11.355 billion compared to $10.412 billion during the same period last year, says the Pakistan Bureau of Statistics (PBS).

The exports and imports data released by the PBS revealed textile group exports have witnessed an increase of 9.85 percent in March 2021 as it stood at $1.355 billion compared to $1.234 billion during February 2021. Textile group exports have registered a growth of 30.38 percent on year-on-year basis as it reached $1.355 billion in March 2021 compared to $1.039 billion in March 2020.

Raw cotton exports registered 96.51 percent decline during July-March 2020-21 and remained at $0.593 million compared to $17.002 million during the same period of last year. Raw cotton exports remained zero during March 2021 and were also zero in February 2021.

Cotton yarn exports registered 12.03 percent decline during July-March 2020-21 and remained at $721.212 million compared to $819.808 million during the same period of last year.

Cotton yarn exports declined by 4.77 percent during March 2021 and remained at $114.523 million compared to $120.261 million during February 2021 and increased by 39 percent when compared to $82.39 during the same month of last year.

Adil Bashir, Chairman All Pakistan Textile Mills Association (APTMA) has said that any distortion in policy of free market mechanism from cotton to garment in textile supply chain will be a disaster for the textile exports of Pakistan.

He said that Pakistan is short of cotton by approximately half of its requirements or 7 million bales. However, the 14 million bales consuming $ 8 billion spinning industry 3rd largest in the world after China and India, is standing solid to meet the requirements of downstream. He mentioned that only 50 percent is consumed by the value-added garments and home textile exporting $ 9 billion, while the balance 50 percent is exported in form of yarn and fabric amounted to $ 5 billion.

As the new cotton season approaches in July international Prices of cotton are at 90 cents delivered Pakistan from Brazil, USA and WAF. It is a hope for complete chain that cotton farmers are seeing prices at these levels after 2011 and are encouraged for cotton plantation which is higher in parity compared to other crops, he mentioned.

Chairman APTMA said that free market mechanism ensure international prices to the complete chain from cotton to dyed fabrics which is why Pakistan sustained the biggest crop failure this year and still is on path of growth by 20 percent in exports specially because of regional energy tariff of 6.5 dollars for gas and 7.5 cents for electricity.

Moreover, Indian cotton prices slip on the back of slowing demand from textile industry due to COVID. According to Atul Ganatra, President Cotton Association of India they have seen cotton and yarn prices correct form high due to COVID related restrictions.

Naseem Usman said some media reports suggest that yarn prices have increased 7 to 10 per cent after refusal of import. Cotton’s rate in Sindh was in between Rs 10,200 to Rs 10400 per maund. The rate of Phutti in Sindh is in between Rs 4500 to Rs 5100 per 40 kg. The rate of cotton in Punjab is Rs 10,500 is 11, 000 per maund. The rate of Phutti in Punjab is in between RS 4,800 to Rs 6,000 per 40 kg.

Similarly, the rate of Banola in Sindh was in between Rs 1,600 to Rs 2,000 while the price of Banola in Punjab was in between Rs 1,800 to Rs 2,250. The rate of Phutti of Dalbadin Balochistan is available at Rs 5900 to Rs 6,000 per 40 Kg.

The Spot Rate remained unchanged at Rs 10,800 per maund. The Polyester Fiber was available at Rs 210 per Kg.

Copyright Business Recorder, 2021

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