Cotton output surges 54% as of Dec 1

News Image

By MG News | December 03, 2021 at 01:03 PM GMT+05:00

0:00

December 3, 2021 (MLN): Pakistan’s cotton production soared by 54% YoY to 7.168 million bales up to December 01, 2021, as opposed to 4.648m bales produced in the same period of last year, the Pakistan Cotton Ginners Association (PCGA) said in its fortnightly report released on Friday.

This significant increase was the result of the government incentives being provided to the farmers in the form of interest-free loans, premiums on crop insurance, subsidies on purchase of basic inputs, agricultural machinery and laser land levelers. In addition, the hard work of cotton growers and favorable weather conditions helped achieve higher yields.

Further, this continuous growth in cotton arrival has had a positive impact on the outlook for cotton production where the current production target for FY22 has been set at 9.74mn bales.

These higher yields might lead to higher textile production and exports. It is prudent to mention that Pakistan’s textile exports reached $6.02 billion during July-October FY 2021-22, depicting a yearly growth of 26.55% on the back of strong demand for Pakistan’s textiles in the global market despite the resumption of economic activities in competing countries.

However, the country witnessed a substantial rise in raw cotton imports by 79% YoY in October 2021, largely due to a rise in global cotton prices, suggesting that the country’s demand for cotton has been increasing sharply from one of the largest export sectors, i.e., textile.

Going into details made available by association, textile mills have so far purchased 6.678m bales while 16 thousand bales sold to exporters.

Province-wise, cotton production in Sindh rose to 3.489m bales while in Punjab, the production was recorded at 3.679m bales as of Dec 01, the association said.

Copyright Mettis Link News

 

Related News

Name Price/Vol %Chg/NChg
KSE100 131,949.07
198.95M
0.97%
1262.41
ALLSHR 82,069.26
730.83M
0.94%
764.01
KSE30 40,387.76
80.88M
1.11%
442.31
KMI30 191,376.82
77.76M
0.36%
678.77
KMIALLSHR 55,193.97
350.11M
0.22%
119.82
BKTi 35,828.25
28.42M
3.64%
1259.85
OGTi 28,446.34
6.84M
-1.02%
-293.01
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,125.00 110,525.00
107,865.00
-2290.00
-2.07%
BRENT CRUDE 68.51 68.89
67.75
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
-2.20
-2.03%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.50 67.18
66.04
-0.50
-0.75%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 05, 2025 at 11:58 PM GMT+05:00

Weekly Market Roundup


July 05, 2025 at 02:57 PM GMT+05:00

National Savings Schemes see over Rs27bn inflow in May


July 04, 2025 at 10:16 PM GMT+05:00

CAT upholds CCP’s ruling against PREMA Milk


July 04, 2025 at 10:07 PM GMT+05:00

Gold price in Pakistan falls Rs1,500 per tola


July 04, 2025 at 08:01 PM GMT+05:00

TRG in Supreme Court



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg