Fri. Mar 1st, 2024
Cotton Arrival Sees 35 Increase in Initial December Fortnight Reports PCGACotton Arrival Sees 35 Increase in Initial December Fortnight Reports PCGA

As of December 15, the latest biweekly report from the Pakistan Cotton Ginner’s Association (PCGA) unveiled a marginal uptick of 3.5% in cotton arrivals compared to the figures recorded on November 30. The incremental rise reflects the evolving trends in the cotton sector, according to the Monday release by PCGA, signifying a noteworthy development in the nation’s agricultural landscape.

“In the latest report, the total cotton arrival in Pakistan exhibited a notable rise, reaching 8.024 million bales by December 15, marking a distinct increase from the 7.753 million bales recorded on November 30, 2023—a significant uptick of 0.271 million bales.

Comparing year-on-year figures, the surge in cotton arrival is striking, with a remarkable 74% increase over the 4.613 million bales reported on December 15, 2022. This noteworthy improvement is particularly noteworthy considering the challenges faced in the previous year due to flash floods, which led to a 34% year-on-year decline in cotton crop production.

The positive trend in cotton arrivals is a welcome development for economically strained Pakistan, especially for the vital textile sector. This sector, a major contributor to the country’s exports, has been grappling with reduced demand and escalating economic challenges.

In a recent development, the All Pakistan Textile Mills Association (APTMA) reached out to caretaker Finance Minister Dr. Shamshad Akhtar, seeking favorable conditions, including the availability of electricity at wheeling charges ranging from 1-1.4 cents/kWh and B2B contracts.

Breaking down the figures by province, the PCGA data highlights a substantial increase in cotton arrivals from both Punjab and Sindh. As of December 15, cotton arrival in Punjab registered at 3.957 million bales, reflecting a 5.9% increase from the 3.737 million bales reported on November 30, 2023. On a yearly basis, the surge in Punjab’s cotton arrivals is significant, with a notable 43.2% increase from the 2.762 million bales recorded during the same period last year.

Similarly, Sindh reported a cotton arrival of 4.067 million bales, a slight increase of 1.2% from the 4.017 million bales recorded on November 30. However, the year-on-year increase in Sindh’s cotton arrivals is more pronounced, soaring by an impressive 119.8% compared to the 1.850 million bales registered in the same period last year.”

Palm Oil Futures Tick Higher on Production Woes and Reduced Inventories

By Zarish

Leave a Reply

Your email address will not be published. Required fields are marked *