LAHORE – Cotton arrivals are witnessing a massive surge in Pakistan with the total reaching 3.933 million bales by September 15, 2023 compared to the same period last year when the figures stood at 2.187m bales – showing a 79.87 per cent year-on-year increase.
Earlier in March, the US Agriculture Department had said that cotton production was forecast to rebound 36pc to 5.3m bales in 2023/24. “After the flood damaged 2022/23 crop, yields should return to trend, while better returns from competing crops will limit area expansion. Following the sharp decline in cotton use and textile exports in 2022/23, a modest rebound in both is forecast for 2023/24.”
“As a result, the 2022/23 import and use estimates are increased. Lack of foreign exchange to import raw material and machinery, currency fluctuation, and rising energy prices will continue to constrain the textile sector’s growth through 2024.” On the other hand, the year-on-year surge in the case of Punjab is 44pc after the arrivals totalled 1.544m bales.