The shortfall in cotton production 2015-16 season in the country has forced leading buyers of Pakistani textile and commercial sector to make import contracts for 300,000 cotton bales with traders in South Africa, India and with USA for prime cotton grade (PIMA) during May-June 15, 2016.
According to senior member of Karachi Cotton Association (KCA), exporter, importer and ginner Ghulam Rabbani, they expect to import more than 1.5 million bales of various qualities amounting to $24.3 billion till end this year.
He said that country's demand for raw cotton has gone up to around 14.5 million bales (of 175 kg each), while the production this year due to short supply of water and pesticides besides use of un-certified seed was expected to be 12.1 million bales end season.
In last crop season 2015, the country achieved only 13.8 million bales against a target of 14.90 million cotton bales. Textile and spinning sector has to bear load of the imports.
They are expecting a shortfall of more than three million bales, unlike Pakistan, India is expecting a better cotton crop led in part by an increase in cultivation of genetically modified cotton and a rise in the acreage.
Among the leading producers of cotton, India is seen as an emerging force in the global market as production continues to outpace domestic demand.
A lot of cotton is already being imported from USA as it is of good quality but at current price levels, importing Indian and US cotton is not a workable proposition. Currently, US lint is available around 69-72 cents per pound while Indian cotton is available for about 66-70 cents per pound.
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