LAHORE: The cotton production in the country witnessed an alarming decline of 2.8 million bales, according to a report released by Pakistan Cotton Ginners Association. The report says that more than 5 million bales were produced in the country which is 35.67 percent less as compared to more than 7 million bales produced till December 15 last year.

According to the statistics released by Pakistan Cotton Ginners Association till December 15 local textile mills bought more than 4.1 million bales which are around 35.06 percent less as compared to the last year buying of more than 6.5 million bales during this period. The ginners had the stock of more than 800,000 bales which is 35.06 percent less as compared to the last year stock of more than 1.2 million bales.

According to the report 384 ginning factories are running as compared to 424 ginning factories which were working last year during this period.

In Punjab 2.9 million bales were produced which is 1.4 million bales less as compared to the last years production of 4.4 million bales. In Sindh 2.8 million bales were produced which is 1.3 million bales less than the last years production.

Chairman Karachi Cotton Brokers Forum Naseem Usman while commenting on the report said that this year Pakistan's textile sector is running on full capacity due to which the demand of cotton may reach more than 10 million bales. He told that around 6 million bales will be produced in the country and around 7 million bales of around 6 billion dollars will have to be imported from abroad in order to fulfil the demands of the local industry.

Copyright Business Recorder, 2020