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October 20, 2020

Cotton stockpiling falls 39pc

Business

October 20, 2020

KARACHI: Stockpiling of cotton bales in factories dropped 39.45 percent 2.68 million bales till October 15, as rains and pest attacks affected total output of the essential industrial raw material, data showed.

Pakistan Cotton Ginners Association (PCGA) report showed cotton arrivals were 4.44 million bales during the same period last year. Similarly, exports were down 54 percent to 17,000 bales compared to 36,737 bales exported last year.

By this time, 2.0 million bales have been sold to mills, down 37 percent against last year’s 3.19 million bales. Currently, 663,861 bales are in stocks with the ginners, down 45 percent, compared to 1.20 million bales last year.

Fortnightly flows (October 1-15) remained down by 48 percent at 780,867 bales against flows of 1.50 million bales during the same period last year. Punjab recorded arrivals of 1.21 million bales, down 41 percent, against arrivals of 2.04 million bales by the same period last year.