Pakistan Textile Company Relies On India Cotton For Flood Disaster
After the recent floods in Pakistan, cotton suffered huge losses, and cotton prices soared, Pakistan.
textile industry
Badly hit, the textile industry had to import India.
Clothing materials
To maintain orders.
Pakistan Cotton Traders worry that India may cancel cotton contracts or postpone delivery time, leading to Pakistan's textile industry in turmoil, while Pakistan's textile industry contributes about 60% of the country's exports.
Pakistan
The textile industry is the third largest cotton consuming industry in the world. Now the textile industry is closely following India's cotton. India is the second largest cotton producing country in the world. This year, Pakistan's cotton shortfall is about 3 million packs.
According to industry officials, Pakistan cotton merchants have signed 1 million bales of cotton contracts with India. The delivery date is November -1 months, but now India official has announced that they will stop registering for cotton export applications.
Now, it is said that Pakistan may only get 25% of the contracted amount, or it may be postponed.
The instability of cotton delivery in India has led to soaring domestic cotton prices in Pakistan.
Some India exporters say they want to deliver the goods according to the order, but the government has set up obstacles for them.
Some Karachi traders say India exporters seem to want to break the deal because international cotton prices are rising.
Meanwhile, on Friday, US cotton prices surged to a record high of 1.198 US dollars / pounds, mainly due to the rise in Chinese cotton prices and the weakening US dollar.
In April, Pakistan expected cotton production to be 14 million bales in 2010/11, compared with 12 million 700 thousand packages in the previous year and about 2 million bales in imports.
Due to floods, the government and industry estimate that the output will be about 11 million 600 thousand bags, 170 kilograms (374.8 pounds) per pack.
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