Cotton imports will shoot up due to floods-Texglobe

Cotton imports will shoot up due to floods

Updated: 2010-8-27 Source: Texglobe

Pakistan Cotton Ginners Association (PCGA) recently stated that, according to the government and private sector’s estimates, recent massive floods in Pakistan caused Sindh and Punjab to lose 1.4 million cotton bales.

Further, as the spinning sector and mills together are estimated to require 15 million bales of cotton during 2010-11, the country’s textile sector would have to shoulder a burden of US $1.01 billion for importing cotton.

Both the government and the private sector estimate that, Punjab and Sindh jointly lost 2.5 million bales on account of the floods. If going by these estimates and taking the target of 14 million bales set by the government in to consideration, the eventual crop could total to 11.5 million bales.

PCGA sources even divulged that, the country’s textile sector has already consulted cotton exporters from India and Brazil for importing 1.2 million bales, to source the deficit of produce in the country.