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March 4, 2021

Cotton stockpiling drops 34pc

Business

March 4, 2021

KARACHI: Cotton stockpiling in the factories of Pakistan dropped by 2.92 million bales or 34 percent by March 1, report released by Pakistan Cotton Ginners Association (PCGA) showed on Wednesday. Cotton arrivals in factories were recorded at 5.63 million bales, down 34.18 percent from 8.56 million bales collecting in the same period last year.

Of these, 70,200 bales were exported, up 19.66 percent, against 58,666 bales exported last year.

By this time, 5.37 million bales have been sold to mills, down 32.2 percent against last year’s 7.92 million bales.

Currently, 191,608 bales are in stocks with the ginners, down 66.81 percent, compared to 577,271 bales stocked last year.

From February 16 to January 1, inflows remained 21.42 percent up at 21,126 bales against flows of 17,399 bales during the same period last year.

Punjab recorded arrivals of 3.5 million bales, down 31.23 percent, against arrivals of 5.09 million bales by the same period last year.

Arrivals from Sindh were down by 38.51 percent to 2.13 million bales against 3.47 million bales that were collected in ginning factories by the same period last year.