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Pakistan:TCP to export 4mn cotton bales to world market |
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2005-8-18
The Trading Corporation of Pakistan (TCP) has stopped selling cotton bales to the local buyer, with the passing of the 15 August, which was deadline set for the industry. TCP is now likely to export more than 400,000 bales in coming few weeks.
The TCP chairman, Syed Masood Alam Rizvi informed that the local millers had not purchased the entire stocks stored in the TCP godonws by 15 August and now it is time to export whole lot to international markets.
Being aware of such conditions, they have purchased 1.148 million bales of cotton during the last six months. Now the rest of the stocks, which is nearly over 400,000 bales’, are only for exports, he said.
On an average the cotton exports from the Pakistan touched 40 cents to 45 cents per pound. However, at present the prices at the international market were on the downwards scale, which might pressurize TCP to hold exports for a certain period.
Pakistan produced around 15 million cotton bales last season at 3.14 million hectares over the the target of 10.72 million bales. For the fiscal 2005-06 the Federal Ministry of food agriculture and livestock has set a target of 15 million bales over 3.21 million hectares.
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