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25,000 Cotton Bales To Be Imported From India |
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2003-11-5
According to a member of a noted brokerage house, to cope with the shortfall in local crop that has sent prices spiralling to Rs3,600 Pakistan will import 25,000 bales of cotton from India.
There are two qualities of cotton which is being imported from India, ie J-34 and Sanker. The J-34 is of inferior quality while the latter one is of higher quality.
The deal of J-34 was settled around 66 to 67 US cents per pound and Sanker’s rate was at around 72 to 74 cents, he added.
He further said that the dealers were expecting shipment either through Wagha by road or via Dubai.
Renowned cotton consultant Naseem Usman said that deals for the import of 0.6 million bales of cotton had already been struck with other countries and shipments could be received gradually.
He said if foreign cotton was cheaper than Pakistan the mills could go for more import. Last year, Pakistan imported 1.3 million bales to meet the gap between production and consumption.
"Pakistan mostly imports cotton from the US, Central Asian Republics and Syria. At present, cotton prices in the New York market are much higher and taking cue from it local cotton rates have also shot up to historic peak," he said.
Last year, 37.2 kg of cotton was sold at around Rs2,400 while this year the same quantity is being sold at Rs3,400, which is Rs1,000 higher than last year’s level.
There was a need to import 2.5 million bales to meet local requirement and the deals for 0.6 million bales had already been finalised while the remaining quantity of 1.9 million bales would also be acquired through import, Nasim Usman added.
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