According to the report issued by the Pakistan Cotton Ginners Association on Monday, Seed cotton (Phutti) equivalent to 9.475 million tonnes or 9,475,729 bales have reached ginneries across Pakistan as of January 15, 2016 registering a shortfall of 33.5 per cent compared to 14.251m bales a year earlier.
This shortfall would inflict a loss of around $6 billion on GDP â€” of which $1.5bn would be suffered by cotton growers and $4.5bn by the industry and exporters, experts say.
Tariq Saud, the chairman of All Pakistan Textile Mills Association, said it is a gloomy year for the cotton economy of the country and its GDP growth because textiles alone contributed up to $13bn in exports.
Spinners normally import around 1m to 1.2m bales of long staple cotton a year to meet their high quality exports. But exports are going to treble this year, he added.
The arrival at Punjab ginneries was recorded at over 5.74 million tonnes or 5,742,486 bales recording a percentage decrease of 44.46 per cent compared to corresponding period of last year. The cotton crop in the province had been severely affected by heavy rains and floods of last year.
Arrivals at ginneries in Sindh were recorded at 3.73 million tonnes or 3,733,243 bales showing a decrease of 4.54 per cent.
Floor brokers said that the short crop by up to 34 per cent as reported by ginnersâ€™ body failed to induce buying from spinners who remained cautious due to uncertain global scenario of textile industry on the back of rapidly falling crude oil prices.
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