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Pakistan:ICAC forecasts all-time high cotton production of 111m bales in 2004-05 |
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2004-11-8
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The International Cotton Advisory Committee (ICAC) has forecasted all-time-high world cotton production in 2004-05 of 111 million bales, amending its previous estimation of 102 million bales and estimating China as the top cotton producing nation with Pakistan taking fourth position.
The US-based ICAC stated this in its recent report received here by local traders and cotton stakeholders.
The ICAC reported, “This is the highest world supply ever, 600,000 tones above the previous record in 2001-02. In volume and in percentage, this will be the largest year-to-year increase in world supply since 1984-85.”
The ICAC, which represents 42 cotton producing and consuming countries, informed it revised estimation due to higher-than-target production in almost all the cotton producing countries.
The committee revealed that 65 percent of the increase is expected to occur in China, which leads the cotton producing countries while other countries’ production is also at an all time-high level.
“Records or near-records are forecast in the top five producing countries: China, the USA, India, Pakistan and Brazil,” the ICAC report stated.
Haji Muhammad Ibrahim, Chairman of Pakistan Cotton Ginners Association (PCGA) said, “The ICAC report matches our estimation for 2004-05. The federal committee on agriculture set the production target at 10.72 million but it is expected well-above.”
He further added this year’s crop is also much better in quality compared to previous years and pest attacks and heavy rains in Sindh hardly affected it.
The ICAC has also revised the world cotton consumption target during 2004-05 to 100.9 million from its previous estimation of 98.8 million bales. In this category also, Chinese textile mills lead other nations.
The committee said the rise in consumption in by textile industry is motivated by lower prices and heavy supply. “World cotton consumption in 2004-05 is being stimulated by lower prices, combined with improving world economic growth despite higher oil prices,” said the report.
Local traders, however, say the prices of Pakistani product are much better in the international market than the other producing countries due to better quality and they still manage to strike profitable export deals.
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