Cotton export surges by 47%

KARACHI: Cotton export from Pakistan has surged by 47 percent in July-September 2007 as compared to the same period last year, the exporters said on Tuesday.

“In the international market, Pakistani cotton is getting more attraction due to higher quality from the traditional and non-traditional cotton importing countries”, a senior trader Ghulam Rabbani said.

During July-September 2007, Pakistan registered an export figure of 4,788 metric tonnes against 2,936 metric tonnes in July-September 2006.

Mr Rabbani said “another shipment of lint from fresh crop is ready after Eid-al-Fitar to Far East, as we have already completed two shipments of the cotton season 2007-08 some week ago”.

He said the international lint buyers consider Pakistan cotton number one in quality as well as on competitive rates in the international market besides it is the only new harvest in the international market available.

He said our nearest competitor, the Indian cotton merchants are offering a bit higher price while their quality does not confirm to the demand of international buyers. He said still the rates in domestic market are cheaper as compared to the prices in other international markets in the world as Indian type J-34 offered at 65-66 cents per pound which accumulated to around Rs 3,225 per maund.

He said, “a sizable export will not affect the domestic market’s requirements as the country’s import of PIMA grade (US) and other qualities cotton are still a regular feature, as we are already facing a shortfall of around 3 million bales”.

Indian cotton exports are expected to continue to expand to over one million tonnes, making India the second largest cotton exporting country, the ICAC said.

The ICAC forecast a season-average Cot look A index of 71.00 cents per pound in 2007-08, 12 cents higher than in 2006-07, because of an expected significant decrease in the 2007-08 stocks-to-mill use ratio.

The ICAC issued the world supply and demand estimate for October 1 for 06-07-world production. It rose to 119 million bales from 118 million bales in September. World consumption was also lowered to 120 million bales down one million bales from a month earlier.