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Ginned cotton stock crosses 8.7m bales mark this year

RECORDER REPORT

KARACHI: The total production of ginned cotton has crossed the figure of 8.7 million bales registering a 32 percent increase compared with the last year.

The data report compiled as on January 15, 2000 exhibits an increase of 33.4 percent in Punjab and 27.04 percent in Sindh as compared to the last year.

The total arrival as on January 15, all over Pakistan is 8,717,330 bales. In Punjab it is 6,794,871 bales and in Sindh it is 1,922,459 bales.

The country is expecting a total production at the end of the season about 10 million bales.

Despite the high production after six years, the surplus production could not be used effectively and the prices faced crisis like situation. Prices went down to historical low.

The government involved the Trading Corporation of Pakistan to buy cotton for stabilizing cotton prices in the local market but it did not work as was expected.

Pakistan Cotton Ginners Association, Chairman Sheikh Saeed, said that the available stock of about 1,700,000 bales requires prompt disposal because the pace of lifting, comparing with the production, is far slower due to which a substantial amount towards carrying charges is borne by the ginners.

He appealed to the government to allow TCP to increased lifting of available unsold stock.